https://imagevars.gulfnews.com/2018/11/13/MOTOR-CITY_Union_properties_resources1_16a0851b7ae_medium.jpg — Motor City. Union Properties PJSC (UPP) has announced one of its subsidiary companies, which it 100 per cent owns, has initiated arbitration procedures to claim approximately Dh1.5 billion owed.Image Credit: Gulf News archives

Union Properties’ subsidiary to claim approximately Dh1.5b

The claim is related to construction work that was completed around 10 years ago

27 May 2020, 07:16 by Staff Report

Dubai: Union Properties PJSC (UPP) has announced one of its subsidiary companies, which it 100 per cent owns, 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.