Dubai - Mubasher: Union Properties’ (UP) CEO, Ahmed Khouri, has confirmed that the asset revaluation carried out by UP’s new management serves the company’s long-term interests, Al-Khaleej newspaper reported.

UP is preparing to unveil additional strategic steps and significant developments that it will undergo in the coming phase, the newspaper added, citing the top official as saying.

The company will announce new projects during its participation in Cityscape Global 2017, Khouri revealed, noting that the real estate market in Dubai has matured over years.

Meanwhile, UP chairman Nasser Butti, who assumed his position in May 2017, commented that the procedures adopted by the company aimed to handle the accounting problems that occurred under the previous board.

It is a one-time procedure, Butti said, highlighting that UP’s new projects will support the company and speed up its growth.

He further stated that the company is planning to launch new projects in Dubai Motor City, including 25,000 housing units.

Dubai-listed UP last reported suffering AED 2.3 billion in net losses in the second quarter of 2017, after setting aside AED 2.8 billion in provisions.