Union Properties signs a memorandum of understanding worth 420 million dirhams to exit a shopping center

Union Properties announced today that it has finally completed the signing of a memorandum of understanding under which the ownership of one of the shopping centers under construction in the "Motor City" area in Dubai will be completely exited, indicating that the value of the memorandum of understanding concluded with one of the leading real estate developers in Dubai is 420 million dirhams.

The company’s chairman, Khalifa Hassan Al Hammadi, said in a statement: “We recently studied the needs of the real estate market in the Emirate of Dubai. Union Properties) already has good commercial space, whether in (Motor City) or in our project (Uptown Mirdif), and accordingly the Council decided that it would be best to exit the commercial center under construction when obtaining a suitable offer.”

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