Union Properties reduces legacy debt and signs new funding agreement with a local bank to drive strategic growth
The Company announced retaining 10 Million sq. ft. of available GFA, unveiling plans to launch two new projects soon.
February , 2025: Union Properties PJSC ('Union Properties' or the 'Company') (DFM symbol: UPP) achieves a significant milestone in its recovery plan as it reduced its legacy debt of AED 1.47 billion (FY2022) to AED 575 million as of end of December 2024, and further targets reducing it by end of Q1 2025 by another AED 150 million.
On the back of this exceptional performance, Union Properties was able to reduce the margin on the 3M EIBOR from 3.25 per cent to 2.75 per cent, in light of growing trust among banks. Union Properties was also able to secure additional bank loans of AED 150 million to fund new investments it intends to make in the coming 18 months. These investments are expected to generate an annual recurring income of approximately AED 40 million.
By successfully implementing its debt restructuring strategy, Union Properties has lowered its financing costs by AED 82 million during FY 2024 – from AED 114 million in FY 2023 to AED 32 million in FY 2024, improving profitability, and liquidity. In addition, as a part of its asset divestment strategy, the company has sold plots, generating AED 1.3 billion in funds for debt settlement agreements and fulfilling preliminary costs for new real estate projects.
The Company has also announced earlier, that as part of its 5 years strategy, it will be retaining land of approximately 10 million sq. ft. of Gross Floor Area (GFA) from its current portfolio for development. This exceptional milestone is a testament to the Company's strong asset base and strategic commitment towards driving sustainable growth in the UAE's Real Estate sector.
As part of its ambitious growth strategy, the Company also revealed plans to launch two new projects soon, further reinforcing its leading position in Dubai's urban development landscape. These projects will include mixed-use, residential, commercial developments that will meet the highest benchmarks of sustainability, innovation and functionality.
Eng. Amer Khansaheb, Chief Executive Officer and Board Member, Union Properties, stated, 'With the successful reduction of our legacy debt and acquisition of new funding to advance our strategic expansion, we at Union Properties pave the way in a new era of growth and possibilities. Our growing trust among financial institutions and unwavering commitment to excellence will certainly lay the groundwork for continued success, while also allowing us to address the evolving needs of urban populations. The strength and potential of the Company's portfolio are also demonstrated in different format by the availability of 10 million sq. ft. of GFA.'
Set to be launched soon, the two new projects will be strategically located and built to the highest sustainability and quality standards. These projects demonstrate Union Properties' commitment to promoting sustainable growth and improving Dubai's Real Estate market by attempting to meet the changing needs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
2 days ago
- Mid East Info
Parkin Goes Global at UITP Summit in Hamburg, Showcasing Smart Parking Technology and Chairing New Parking Transformation Working Group
Parkin Company PJSC 'Parkin' or 'the Company', the largest provider of paid public parking facilities and services in Dubai, successfully concluded its participation in the 2025 UITP Summit, held in Hamburg, Germany. Marking a strategic milestone for Parkin, the world's largest public transport event represents the Company's first foray onto the international conference stage, reinforcing its position as a global leader in parking and urban mobility transformation. Parkin, representing the United Arab Emirates UAE alongside Dubai's Roads and Transport Authority RTA, showcased its latest smart parking technology and operational systems, unveiled upcoming plans to integrate electric vehicle (EV) charging infrastructure, and provided live demonstrations of the Parkin mobile app. As Dubai's exclusive public parking operator, managing more than 207,000 paid spaces, Parkin also exhibited its digital capabilities and forward-thinking innovations to both His Excellency Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the Roads and Transport Authority-Dubai, and a wider, global audience, including next-generation AI-powered enforcement system prototypes, designed to integrate discreetly with lighting poles and traffic signage, supporting Dubai's visual identity and wider sustainability objectives. In parallel, Parkin played a key strategic role in the UITP Summit's global agenda. Earlier in 2025, Parkin and UITP signed a strategic partnership to establish the Global Parking Transformation Working Group, which was officially launched at the Summit in Hamburg and chaired by Eng. Mohamed Abdulla Al Ali, CEO of Parkin. Eng. Mohamed Abdulla Al Ali Chaired the Global Parking Transformation Working Group's inaugural meeting, attended by global leaders from Europe, Asia, the Middle East, and the Americas, where discussions focused on positioning parking as a critical enabler of sustainable, integrated mobility, exploring AI-driven systems, while encouraging innovation sharing and the creation of a framework for impact measurement. Eng. Mohamed Abdulla Al Ali, CEO of Parkin and Chair of the UITP Global Parking Transformation Working Group, commented: 'Reshaping mobility to support greener, safer and more liveable cities requires a fundamental shift in how we think about parking infrastructure. At Parkin, we see our role as helping cities unlock this potential, by building the right platforms, enabling informed choices and reimagining parking as the driver of sustainable urban life.' As the UITP Summit came to a close, it brought further international recognition to the UAE with the confirmation that Dubai will host the next edition in 2026—further positioning the Emirate and Parkin at the forefront of the future urban mobility landscape. About Parkin Company PJSC: With a unique blend of operational excellence, technological know-how and enforcement capability spanning almost three decades, Parkin Company PJSC is the largest provider of paid public parking facilities and services in the Emirate of Dubai, with a portfolio of approximately 206k paid parking spaces, as at year end 2024. Parkin has a dominant position in relation to Dubai's on and off-street paid public parking market and a leading share of the overall paid parking market. Under a 49-year Concession Agreement with Dubai's Roads and Transport Authority (RTA), Parkin has the exclusive right to operate a portfolio of public on and off-street parking (c.184k spaces) as well as public multi-storey car parking facilities (c.3k spaces). Parkin also operates certain developer-owned parking facilities through partnership agreements across the Emirate (c.19k spaces) and provides barrierless parking for Majid Al Futtaim across three malls (c.21k spaces). Additional revenue streams include enforcement, the issuance of seasonal permits, parking reservations and other commercial activities. By deploying state of the art digital payment solutions and intelligent parking management systems that utilise artificial intelligence and big data analysis, Parkin's customers successfully conducted 132m parking transactions in 2024. Dubai's parking operations were established in 1995 under the Dubai Municipality, before becoming part of the RTA in 2005. In December 2023, Parkin Company PJSC was established through the issuance of Law No. 30 of 2023, successfully completing its initial public offering (IPO) on the Dubai Financial Market in March 2024. About UITP: UITP The International Association of Public Transport works to enhance quality of life and economic well-being by supporting and promoting sustainable transport in urban areas worldwide. As a passionate champion of sustainable urban mobility, UITP is internationally recognised for its work to advance the development of this critical policy agenda. With more than 1900 members in 100 countries, UITP has a long history to its name from 1885 to today and is the only worldwide network to bring together all public transport stakeholders and all sustainable transport modes.
Mid East Info
2 days ago
- Mid East Info
A Vision Like No Other: Lumena by OMNIYAT Illuminates Ultra-Luxury Commercial Workspaces on Sheikh Zayed Road
OMNIYAT leads the way in ultra-luxury commercial workspaces, as Lumena by OMNIYAT follows the unprecedented success of Enara by OMNIYAT With a Gross Development Value of AED 3.6 billion, Lumena stands as a benchmark in ultra-luxury commercial development With its slender form and elevated architectural profile, a series of cantilevered structures throughout the tower introduces unique vantage points and exceptional shared amenities A signature feature of Lumena is the breathtaking Sky Theatre, a never-before-seen amenity for a commercial tower in Dubai State-of-the-art technologies, industry-leading sustainability and world-class amenities will propel Lumena to achieve targeted Platinum status for LEED, WELL Building TM , WiredScore and SmartScore Certifications Lumena by OMNIYAT was launched at Museum of the Future with a captivating reveal that included never-seen-before performances Dubai, United Arab Emirates,June 2025 – OMNIYAT, the leading developer in Dubai's luxury real estate landscape, has launched Lumena, an ultra-luxury commercial development located on Sheikh Zayed Road in the Burj Khalifa district, at the intersection of Business Bay and Downtown Dubai. A work of architectural mastery where every line draws upward, and every space is designed to inspire clarity, confidence, and command, the 48-storey tower will set a new benchmark for workplace environments in the region upon its completion in Q4 2029. With a Gross Development Value of AED 3.6 billion, Lumena launched at the Museum of the Future with a stunning sound and light show on June 18. Its architectural model will be on display at Studio 12 at The Opus by OMNIYAT from 19-22 June, providing a glimpse into the future of Dubai's commercial spaces. Mahdi Amjad, Founder and Executive Chairman at OMNIYAT, said: 'Lumena is the future of commercial real estate in Dubai. With its location, design, and integrated amenities, we are creating a new paradigm for commercial real estate that aligns with how the next generation of leaders want to work and live. Leveraging technology, innovation and future-proof design, LUMENA's sculpted form reflects both architectural brilliance and the effortless flow of ideas, ambition, and enterprise. This exceptional project reflects OMNIYAT's ongoing commitment to shaping the commercial landmarks of tomorrow.' Inspiration and design philosophy: Drawing from the Latin word ' lumen' for illumination and ' ena' , a Japanese word suggesting blessing, Lumena symbolises clarity, purpose, and forward momentum. The tower's design integrates panoramic views with natural materials and biophilic elements, bringing light, greenery, and airflow into the workspace to promote wellbeing, productivity, and performance. Every element, from its sculpted façade to double height glazing and natural textures, is engineered for both form and function. With its slender form and elevated architectural profile, Lumena is strategically designed to maximise views of Burj Khalifa, Downtown Dubai, and Jumeirah Beach. A series of cantilevered structures throughout the tower introduces unique vantage points and shared amenities that enhance the experience for all occupants. Uniquely located near Business Bay metro station, it is well connected to Dubai's prime business, retail and lifestyle hubs. Close to Downtown and Burj Khalifa, it is minutes away from major attractions, yet with its soaring form, also boasts Jumeirah, Burj Al Arab & ocean views. Lumena brings together functional precision and spatial sophistication. The tower comprises 91 shell-and-core office units across three categories: 59 offices (three per floor plate), 30 half floor offices (two per floor plate), and 2 full-floor offices. With an internal office area of 582,184 sq. ft., Lumena is engineered for optimal efficiency, featuring flexible floorplates with minimal columns, a rear-core layout, and clear ceiling heights of 3m within office spaces. Units are offered with full fit-out flexibility, so buyers and tenants can customise layouts, while a palatial use of space, including high ceilings and full height windows, ushers openness and light. Lumena is strategically located just 10 minutes from Burj Khalifa and 13 minutes from Dubai International Airport, with dual vehicular access points. It offers over 1,000 parking spaces, including designated areas for office use, retail operations, and visitors. Unparallelled amenities, five-star service: As part of OMNIYAT's portfolio of unparalleled residential, commercial and hospitality properties, superior service is built into the core experience. A full suite of concierge offerings includes reception, meeting room management, spa and wellness coordination, lifestyle bookings, personal services, and bespoke experiences, such as event planning, luxury travel arrangements, and private shopping. These services are managed by OMNIYAT and draw from the brand's experience in delivering high-touch hospitality across its award-winning commercial towers, residences and hotels, including Enara by OMNIYAT, and The Opus by OMNIYAT. Lumena is designed to meet the latest British Council for Offices (BCO) standards, supporting occupancy density of one person per 10 sqm while maintaining spacious, high-end environments. It is targeting multiple world-class certifications, reflecting its commitment to sustainability, occupant wellbeing, and technological integration, including the LEED Platinum certification, the highest ratings for sustainable commercial developments in the world. Lumena is projected to achieve a Platinum WELL Certification from the WELL Building Standard, plus Platinum WiredScore and SmartScore Certifications, the global standards for digitally connected and technologically advanced smart buildings. Occupants will also have exclusive access to the Executive Club, a purpose-built environment that integrates luxury, discretion, and convenience. Accessible from the upper office floors, this dedicated space offers private lounges, meeting zones, and concierge support, all tailored to the needs of senior decision-makers. At its summit, Lumena houses the Sky Theatre – intended for high-level forums, product launches, and executive gatherings and offering panoramic views across Dubai. It is equipped with advanced acoustics, LED walls, and modular seating to support a variety of functions. Wellness is central to Lumena's philosophy. The Executive Wellness Suite, complete with high-performance training and recovery zones, is designed to support peak physical and mental performance. The Sky Pool, suspended above the city and surrounded by biophilic landscaping, offers a rare sense of stillness and perspective. Wellness floors on Levels 21 and 22, a private Business Club on Level 34, and an exclusive Sky Theatre and event venue at the tower's apex offer a future-forward take on work-life synergy. Lumena's amenities are integrated across the tower and podium to support productivity, wellness, and world-class executive-level experiences. An interconnected podium will house six curated, retail concepts, fine dining, wellness and lifestyle facilities designed to serve building occupants and guests from the Business Bay and Downtown communities. Lumena is designed by internationally renowned architects and consultants. In Dubai and across the globe, OMNIYAT has created refined works of art that effortlessly blend creativity, quality and rarity. Building on the success of The Opus by OMNIYAT and Enara by OMNIYAT, Lumena by OMNIYAT is the next evolution in the group's portfolio, designed for business leaders, creatives, and innovators seeking workspaces that reflect growth and ambition.
Mid East Info
3 days ago
- Mid East Info
Dubai International Chamber establishes new international representative office in Toronto to boost trade and investments with Canada
H.E. Eng. Sultan Bin Saeed Al Mansoori: 'We are committed to helping Canadian businesses leverage Dubai's strategic location and competitive advantages as a gateway to global growth.' Non-oil trade between Dubai and Canada exceeded AED 10.2 billion in 2024. 4,112 active Canadian companies registered as members with Dubai Chamber of Commerce by the end of 2024, registering an annual growth of 29% Dubai, UAE – Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has officially launched a new representative office in Toronto, Canada. The strategic move reflects the chamber's commitment to bolstering economic ties and exploring avenues to increase bilateral trade and investments between Dubai and Canada. The office was inaugurated during a ribbon-cutting ceremony in Toronto in the presence of the Honourable Maninder Sidhu, Minister of International Trade for Canada, together with H.E. Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers, H.E. Abdulrahman Al Neyadi, Ambassador of the United Arab Emirates to Canada, and members of the Canadian business community. The opening further strengthens the chamber's expanding global network and is considered the first representative office in North America. The new office comes as part of the 'Dubai Global' initiative, which seeks to establish 50 representative offices around the world by 2030. H.E. Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers, commented: 'The launch of our new office in Toronto marks a significant milestone in strengthening the economic ties between Dubai and Canada. The office will serve as a strategic platform to connect businesses, facilitate investment flows, and open new channels for bilateral trade. We are committed to helping Canadian businesses leverage Dubai's strategic location and competitive advantages as a gateway to global growth.' The launch of the Toronto office comes at a time of strong and growing business relations between Canada and Dubai, with the value of non-oil bilateral trade exceeding AED 10.2 billion last year. By the end of 2024, a total of 4,112 Canadian companies were registered as active members of Dubai Chamber of Commerce, representing annual growth of 29%. This momentum has continued into 2025, with 289 new Canadian companies joining during the first quarter. The Toronto representative office will serve as a vital resource for businesses in both Dubai and Canada. The chamber's team will actively engage with the Canadian business community, cultivate strategic partnerships with key public and private sector stakeholders, and promote Dubai's unique advantages as a global business destination. The office will provide Canadian companies with valuable market intelligence and practical support to establish and grow their presence in Dubai. In addition, it will assist Dubai-based businesses looking to expand into the Canadian market by offering targeted insights, identifying high-potential trade and investment opportunities, and connecting them with reliable local partners to ensure a smooth and successful market entry. About Dubai International Chamber: Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies and expand the emirate's trade ties with promising markets. The chamber is dedicated to achieving the objectives of the Dubai Economic Agenda (D33), which aims to double the size of the emirate's economy and establish Dubai among the top three global cities by 2033.
