DUBAI 28 May 2020: Union Properties has announced that one of its wholly-owned subsidiary, has initiated arbitration procedures to claim approximately Dh1.5 billion owed.
The claim is related to construction work for a significant project that was completed around 10 years ago.
Khalifa Al Hammadi, Group CEO of Union Properties, said the company’s executive management will not spare any effort in pursuit of the collection of the amount owed, and is taking the proper legal procedures which are in the interests of the company’s shareholders.
Al Hammadi added that the company’s shareholders and the financial market will be regularly informed of the developments of the arbitration in accordance with the laws, rules and regulations of the UAE and provided with full disclosure and transparency.
No further details were made available.