Union Properties swung back into the black yesterday as it booked revenue from the handover of its Motor City development in Dubai.
The emirate's third-largest developer by market value said net income climbed 67 per cent to Dh50 million (US$13.6m) for the first quarter of the year, compared with the first three months of last year.
But it also set aside a Dh70m provision for losses on the valuation of investment properties. The swing to profit follows losses last year totalling Dh498m.
Khalid bin Kalban, the chairman of Union Properties, said on Thursday evening he was optimistic the company would remain profitable for the rest of the year through asset sales and rental income on its portfolio of villas and apartments.
While property companies have been hit hard by the rapid decline in house prices over the last 20 months in Dubai, some have recorded profit increases in the first quarter as they handed over units to investors and booked final payments as profits.
Emaar Properties, the region's largest developer, last week said its first-quarter profit had tripled from the first quarter last year, helped by its malls and hotels.
Union Properties is trying to sell assets including the Ritz-Carlton hotel, which has been priced at Dh1.5 billion.
Mr bin Kalban said the hotel, which was due to open at the Dubai International Financial Centre (DIFC) this month, had attracted at least seven possible buyers.
Nabil Ahmed, the head of research for the region at Deutsche Bank, said: "Whether or not the company will be successful at disposing of the assets to get cash in and restructure the balance sheet remains to be seen."
Union Properties is also seeking to sell other hospitality assets, including two Marriott Executive Apartment blocks, one in Deira and the other in the Green Community.
Meanwhile, two companies are "being evaluated" to take a 50 per cent share in Emicool, its district cooling unit. The company also plans to transfer 5,000 units, divided equally between residential and commercial, to its rental portfolio, which could be worth an estimated Dh500m a year.
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The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Sector: E-commerce
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Investment stage: Pre-seed
Initial investment: Undisclosed
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
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The Lowdown
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