Union Properties, the developer primarily known for its projects in Dubai’s Motor City, posted a Dh45 million loss for the third quarter, as construction revenues dropped by more than a half.
The loss, reported on the Dubai stock exchange, was an improvement on the Dh2.3 billion loss posted in the previous quarter, but down from a Dh32m profit for the third quarter of 2016.
Revenues from contracting and other operating activities - the company’s largest revenue generator - fell 56 per cent year-on-year to Dh82m. Property management and sales revenue declined 15 per cent year-on-year to Dh18m.
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Dubai's Union Properties sets up investment company to diversify business
Union Properties swings to record Dh2.3 billion quarterly loss
Union Properties open to M&A options, expansion
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Union Properties announced in August a Dh2.8bn write-down of the value of its assets by a new management team in its second-quarter results, leading to its worst ever quarterly loss for the three months to the end of June.
A new chairman and vice-chairman were appointed in May after an impromptu board reshuffle saw the resignation of three directors, including the chairman Khalid bin Kalban. A new chief executive, Ahmed Khouri, was appointed in July.
The Union Properties chairman Nasser bin Yousef described the actions taken in the second quarter as "a one-time charge for the accounting irregularity by the previous management.”
The company’s shares opened 1 per cent lower in early Tuesday trading.
Business Insights
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
COMPANY%20PROFILE
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COMPANY%20PROFILE
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
OPINIONS ON PALESTINE & ISRAEL
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Killing of Qassem Suleimani
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