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Union Properties expects verdict in AED 1.5bn claim in 18M

Union Properties expects verdict in AED 1.5bn claim in 18M
Union Properties incurred a net loss of AED 218.806 million in 2019
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Dubai – Mubasher: Union Properties expects a final verdict to be delivered in its AED 1.5 billion arbitration claims against a contractor within 18 months until the end of 2021, according to a press released on Thursday.

The claim is related to “an estimated value of the amounts owed to a fully owned subsidiary of Union Properties,” for carrying out mechanical electrical and plumbing (MEP) works for a project delivered mid-2009.

On Wednesday, Union Properties announced that a fully-owned subsidiary company undertook legal procedures to claim about AED 1.5 billion related to a major construction project completed.

It is noteworthy to mention that Union Properties incurred a net loss of AED 218.806 million in 2019, against a net profit of AED 62.329 million in 2018.