Union Properties registers accumulated losses of $533.4mn in 2020 ...United Arab Emirates

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Union Properties registers accumulated losses of $533.4mn in 2020
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 10
Union Properties, the Dubai-based real estate developer, has said that it has registered accumulated losses of $533.4 million in 2020, representing about 45.7% of its capital. The loss was mainly due to a fair value loss of $563.5 million related to investment properties recorded in the fiscal year 2017 ((correction of gross floor area and decline in the fair value of real estate portfolio) and the general decline of the real estate sector in the UAE, said Union Properties in a filing to the Dubai Financial Market. It added that a host of other factors also contributed to the loss such as impairment of $136.9 million recorded on the fiscal year 2017 and material adverse impact of the Covid-1

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