Built to inform

Sign up for the daily newsletters

No, Thank you

Dubai's Union Properties buys stake in Egyptian developer

Firm says it has acquired 5.68% interest in Palm Hills through new investment arm

Union Properties.
Union Properties.

Dubai-based Union Properties has acquired 5.68% stake in Egyptian real estate developer Palm Hills, it said on Wednesday.

In a statement to the Dubai Financial Market, the developer said it acquired the stake through its investment arm, UPP Capital Investment, which was created last year to carry out direct and indirect real estate investments.

Union Properties said it decided to buy the stake as part of a plan to diversify income and expand its investments abroad.

Palm Hills’ project portfolio includes 26 real estate projects at different stages, occupying 27 million square metres across Egypt, the statement said.

Union Properties also reported a third quarter net loss of $12m (AED45m) for the three months ending 30 September, 2017, compared with a net profit of $8.7m (AED32m) in the corresponding period in the previous year.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week Middle East 11th Jan 2020
Jan 16, 2020