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FINANCIAL NEWS
UAE’s Union Properties H1 loss up to USD119m
12 Aug 2011
(MENAFN) Union Properties said that the developer’s losses grew from USD81 million in 2010’s first half to USD119 million in this year’s same period, reported The National.
The Dubai based company added that due to a valuation of investment properties, the firm’s fair value loss reached USD162 million. On the other hand, the company sold its Ritz-Carlton in Dubai to a private firm in Abu Dhabi for USD299 million last November.
It also said that in the first half, revenues rose reaching USD612 million from USD424 million in 2010, moreover, in 2011, the company started the delivery of units in its Index Tower, which is designed by Foster & Partners, and in Limestone House, a luxury apartment development.
It is worth noting that Union Properties’ financial commitments fell to USD1.66 billion from USD1.87 billion.
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