Dubai – Mubasher: Union Properties’ (UP) fourth-quarter profits are expected to grow if the company manages to sell some of its real estate assets, according to UP’s chairman Khalid Bin Kalban.
The company will distribute rewarding cash dividends if it manages to exit some assets, Bin Kalban said in an interview with CNBC Arabia, yet he refused to reveal more information about such assets.
The company’s projects under implementation are valued at AED 1.6 billion and scheduled to be completed within three years, Bin Kalban added.
UP seeks to launch a commercial and residential project worth AED 400 million in Motor City in the coming months.
The company’s stock rose 1.6% to AED 0.757 by 10:55am UAE time, with a turnover of AED 10.24 million generated from the exchange of 13.48 million shares.
