Union Properties' unit files AED 3.5bn arbitration claims

Dubai – Mubasher: The total value of arbitration claims filed by one of Union Properties' subsidiaries has reached around AED 3.5 billion.

The arbitral tribunal is expected to issue its decisions on a number of the claims in the second quarter (Q2) of 2022, according to a bourse filing on Sunday.

The company has formed a team of international experts from the Middle East, Hong Kong, Australia, the US, and the UK to work on the case, which will have a significant impact on the company and its subsidiaries if the amount is granted.

The Chairman of Union Properties, Khalifa Hassan Al Hammadi, commented that the company's management and its team will be working through the arbitration procedural timetable set by the tribunal.

Mubasher Contribution Time: 24-Oct-2021 07:02 (GMT)
Mubasher Last Update Time: 24-Oct-2021 07:02 (GMT)