The planned master development is currently navigating the approval and permitting process and forms part of Union Properties’ broader Dh4 billion project pipeline, which includes ongoing construction at its Takaya and Mirdaf developments.
Revenue for the first six months of 2026 reached Dh529.3 million, compared with Dh316 million during the same period in 2025. Gross profit rose 41% to Dh107 million from Dh75.6 million, supported by higher revenue, operating efficiencies and continued project execution.
Second-quarter revenue increased 69% year-on-year to Dh257.8 million, compared with Dh152.4 million in the corresponding period of 2025. Gross profit reached Dh48.6 million during the quarter.
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 and significant capacity to pursue further growth.
The developer recognised Dh101.6 million in development revenue during the first half, leaving the bulk of its current project pipeline to flow through financial results over the next two and a half years as construction continues and unit handovers accelerate.
Union Properties expects development revenue to account for a greater share of its financial performance as work progresses across its portfolio. Its in-house contracting business, Tetra Edge, is being used to manage execution and project margins.
Union Properties maintained average cash balances exceeding Dh400 million during the first half, providing funds for construction, project launches and further expansion while retaining a prudent capital structure.
The results mark the developer’s transition from financial restructuring towards a growth phase supported by its development pipeline, improved liquidity and higher project activity. Management confirmed it will continue to focus on accelerating project delivery, expanding the company’s portfolio and increasing revenue and profitability over the coming years.
Union Properties’ expansion comes as Dubai’s property market shows strength across multiple price segments, with developers recording robust sales volumes through diverse project portfolios in 2026.