Dubai’s Union Properties to launch six new projects

Dubai developer Union Properties is planning to launch six new projects worth AED1.5bn, according to a senior company executive.

CEO Khaled Jasim Bin Kalban said in a statement that the company will start with the implementation of three projects in the next few months.

These will include phases one and two to expand the Green Community in Motor City, in addition to The Ribbon, a retail development.

The Ribbon will contain a wide variety of shops of international brands and a string of restaurants and recreational facilities, he added.

The announcement was made at a press conference to celebrate Union Properties’s 25th anniversary.

Bin Kalban said Union Properties had been able to emerge from “all challenges and difficulties encountered following the global financial crisis” and had returned to profitability.

Last week, Union Properties said it is to seek board approval to increase the percentage of shares which foreign investors are allowed to hold in the company.

The move is part of a wider trend by companies in the United Arab Emirates and Qatar to review their often-low foreign ownership caps ahead of their admittance into the MSCI Emerging Markets Index in May.

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