Union Properties
Dubai Financial Market-listed property developer behind Dubai Motor City and Dubai Autodrome, with subsidiaries in facilities management, fit-out and contracting.
Industry: Property development | Location: Dubai, United Arab Emirates | Founded: 1987
About Union Properties
Union Properties PJSC is a Dubai-based real estate company listed on the Dubai Financial Market under the ticker UPP. The company dates its origins to 1987 and has been traded on the exchange since 1993. It develops, manages and invests in property, mainly in the United Arab Emirates, and is best known as the master developer of MotorCity, a community built around the Dubai Autodrome motorsport circuit. The group reports its activity in four segments: property management, contracting for mechanical, electrical and plumbing works, investing, and sales of goods and services. Its projects include MotorCity, The Green Community, Index Tower in the Dubai International Financial Centre, Dubai Autodrome, Uptown Mirdiff and The Ritz-Carlton, DIFC. Subsidiaries named in public profiles include ServeU, The Fitout, EDACOM and GMAMCO. The registered business address is Union Business Park 1 in Dubai Investments Park. The company carried heavy debt after the 2008 to 2009 global financial crisis, which led to project delays and a long recovery. In 2022 it launched a turnaround and restructuring programme and later that year completed a USD 162 million debt restructuring. It returned to profit in 2023, when it reported revenue of AED 508.01 million, up 21.19 percent on the previous year. Recent results show a sharper recovery. For 2025, the company reported total revenue of AED 736.9 million, up 39.4 percent from AED 528.7 million in 2024, and operating profit of AED 240.7 million against AED 161.8 million a year earlier. It reported a cash balance of AED 494.2 million and said its legacy debt had been repaid in full. Its board proposed a cash dividend of 3 fils per share, the first since 2015, and Mubasher reported that the shareholders' meeting approved the distribution. The results were announced on 16 February 2026. Union Properties is led by chief executive Amer Khansaheb. Its development pipeline is targeted at AED 6 billion. A flagship scheme is Mirdad in MotorCity, an AED 2 billion project on which ground was broken in late 2025, with completion scheduled for the fourth quarter of 2028. In October 2025 AGBI reported that Khansaheb expected about AED 700 million from asset sales over the following 14 months, and that the company held AED 450 million in bank deposits against AED 300 million of debt as of September 2025.
Leadership
- Mohamed Fardan Ali Al Fardan, Vice Chairman
- Amer Khansaheb, Chief Executive Officer and Board Member
- Khaled Nasser Al Shamsi, Board Member
- Ahmed Salem Al Hosani, Board Member
- Rana Shasha'a, Board Member
- Gary Reader, Chief Operating Officer for Subsidiaries
- Juma Beljaflah, Chief Human Resource Officer