Union Properties is progressing with a new Dh2 billion master-planned residential development as the company transitions from financial restructuring to an active growth phase backed by strengthening cash flows and improved operational performance.
The planned community will feature approximately 167 townhouses, villas and bungalows, and is currently undergoing the approval and permitting process. The project forms part of Union Properties’ expanding portfolio, which includes the ongoing Takaya and Mirdaf developments.
Revenue increased 68 percent year-on-year to Dh529.3 million during the first half of 2026, compared with Dh316 million in the corresponding period of 2025. Gross profit rose 41 percent to Dh107 million from Dh75.6 million, reflecting higher revenue and improved operating efficiencies.
Second-quarter revenue climbed 69 percent to Dh257.8 million, while gross profit reached Dh48.6 million during the period.
Through disciplined execution, we have strengthened our balance sheet, enhanced operational efficiency and built a high-quality development pipeline that is now translating into tangible financial results.
Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties, said the company now has clear visibility over future earnings. “With approximately Dh4 billion of projects under development, Dh3.87 billion in potential development revenue with higher margins yet to be recognised, and a strong liquidity position, we have clear visibility over future earnings and significant capacity to pursue further growth,” he stated.
Development revenue of Dh101.6 million was recognised during the first half, leaving the majority of the Dh3.87 billion pipeline to flow through financial results over the next two and a half years as construction progresses and project milestones are achieved.
Union Properties maintained average cash balances exceeding Dh400 million during the first six months, providing the developer with funding for construction activity, new project launches and further expansion while preserving capital structure discipline.
The company is using its in-house contracting arm, Tetra Edge, to manage execution and project margins across its portfolio as it accelerates delivery timelines.
Management confirmed that development revenue is expected to account for a growing share of financial performance as work advances on existing projects and new phases enter the market. The developer indicated it will continue focusing on project delivery, portfolio expansion and profitability growth over the coming years.
Union Properties’ results reflect broader momentum across Dubai’s diversified property market, where demand remains strong despite moderating price growth in certain segments. The company’s multi-year revenue visibility positions it to benefit from sustained investor and end-user interest as commercial and residential sectors continue expanding.