Dubai: Stake deals and a far-reaching rebuild helped Union Properties – developer of Motor City – head once again into benefits. The organization affirmed Dh200.1 million as a net benefit as against the Dh224.3 million deficit supported in 2019.
The new plan has decreased gathered decreases and “noticeably” raised shareholder justice by 6.4 percent to Dh2.89 billion, the organization provided in a statement. Benefit-cost all together valued at Dh5.99 billion.
“The massive reduction in operating costs compared to previous years” also helped script the turnaround, as per Khalifa Hasan Al Hammadi, Chairman.
The previous year, the developer altered its loan duty with Emirates NBD, expanding the payment tenor, and also increased Dh400 million from a stake deal at its Autdrome project.