It pumped 490 million dirhams into 3 subsidiaries
5 billion dirhams assets owned by «Union Properties»
The value of "Dubai Auto Durum" is estimated at one billion dirhams.
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Union Real Estate Company, the main developer of the «Dubai Motor City» project revealed that the technical and financial study has been completed to sell 40% of one of its assets, which is «Dubai Auto Durum», whose value is estimated at one billion dirhams, indicating that the value of the assets of the parent company is estimated at five Billions of dirhams now.
The Chairman of the Board of Directors of the company, Khalifa Hassan Al Hammadi, explained that the assets are divided into several types, including the real estate assets of the company and includes a portfolio of lands that can be developed in the "Motor City" area, in addition to investment assets that include the company's shares in other companies, as well as the rental portfolio that it manages. The company.
Al-Hammadi pointed out that nothing was left regarding the sale of the 40% of Dubai Auto Durum, except for the legal aspects and approvals from the official authorities until the two parties signed to finalize the deal, but Al-Hammadi did not mention the name of the partner because the company signed the confidentiality of information.
In addition, "Union Properties" announced in a statement yesterday that it had sent it to the Dubai Financial Market that it had succeeded in increasing the capital of three of its subsidiaries, namely, Dubai Auto Durum, Serview and The Vitaout, to a total of about 490 million. Dirhams.
The company’s board chairman said, “The company had earlier taken a decision to convert a number of subsidiary companies into private joint stock companies in preparation for their inclusion in the financial market, as our main goal of this step was to highlight the real value of the company's assets and its subsidiaries, which has begun to bear fruit.”
Al-Hammadi indicated that these companies operate in vital areas capable of attracting investments and cash flows, whether through listing, acquisition or selling stakes in them.
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