Al Ramz named Union Properties' liquidity provider in 'volatile market'
Union Properties' Ahmad Yousef Khoury says reappointment to deliver shareholder value 'in today’s volatile capital market'
Dubai Financial Market-listed real estate company Union Properties – the developer behind Motor City, Green Community in Dubai Investments Park, and Uptown Mirdiff – has reappointed Al Ramz Capital as its liquidity provider in a move that Union Properties’ board member and managing director, Ahmad Yousef Khoury, said would support the firm’s shareholders “in today’s volatile capital market”.
The financer is a subsidiary of Al Ramz Corporation Investments and Developments, and was picked by Union Properties after the Dubai bourse approved the appointment.
Al Ramz Corporation’s managing director, Mohammad Al Mortada Al Dandashi, said the firm’s reappointment proved that Union Properties was “keeping its shareholders in mind by reinstating the liquidity provision services on their shares”.
In a missive issued to the Dubai bourse by Union Properties, Al Dandashi added: “This will give its shareholders the capability to transact with reduced trading volatility, [thus] enhancing the value of the shares in the hands of shareholders.”
Commenting on the move, Khoury said: “The reappointment of Al Ramz Capital as the company’s liquidity provider reiterates our commitment to delivering consistent value to our shareholders, while increasing liquidity, particularly in today’s volatile capital market.”
Union Properties started 20 May with a trading price of 0.28 and closed the day at 0.30, DFM data showed.