Dubai – Mubasher: Union Real Estate Company announced that it has signed a memorandum of understanding under which it will completely exit from the ownership of a shopping mall under construction in Motor City..
The company explained in a statement to the Dubai Financial Market, that the value of the memorandum of understanding amounts to 420 million dirhams.
Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of Union Properties, said that the company has recently studied the needs of the real estate market in the Emirate of Dubai, and accordingly and in order to achieve the strategy and vision of the Council, it was necessary to diversify the real estate portfolio owned by the company in line with the supply and demand in the real estate market.
He pointed out that the company already has good commercial spaces, whether in Motor City or in the Uptown Mirdif project, and accordingly the Council decided that it would be better to exit the commercial center under construction when obtaining a suitable offer..
It is reported that Union Properties denied the existence of any intention or study to convert to a private joint stock company.
She explained that this comes in response to the news published in the media regarding the statements of one of the company’s employees in this regard, May 17, 2021.
The UAE is the first in the Gulf and the Arab world in the smart services index