Union Properties to develop 167 homes in Dubai with Dh3.87 billion in projected project revenue through 2028.
Dubai: Union Properties is advancing plans for a Dh2 billion residential community as the developer continues to build on an estimated Dh4 billion project pipeline, following a 68% surge in first-half revenue.
The planned master development will feature around 167 residential units, including townhouses, villas, and bungalows, and is currently undergoing the necessary approvals and permit procedures.
Union Properties said it has Dh3.87 billion in potential development revenue yet to be recognised through 2028, providing the company with greater earnings visibility over the coming years as its project portfolio continues to expand.
Revenue rises to Dh529 million
The developer reported revenue of Dh529.3 million for the first half of 2026, marking a significant increase from Dh316 million recorded during the same period in 2025.
Gross profit increased 41% to Dh107 million, up from Dh75.6 million, driven by stronger revenue growth, improved operational efficiency, and continued progress across its development projects.
Second-quarter revenue climbed 69% year-on-year to Dh257.8 million, compared with Dh152.4 million in the same period of 2025, while quarterly gross profit stood at Dh48.6 million.
During the first half of the year, Union Properties recognised Dh101.6 million in development revenue, with a significant portion of its existing project pipeline expected to contribute to financial results over the next two and a half years.
Dh4 billion pipeline fuels future growth
Union Properties said development revenue is expected to play an increasingly important role in its financial performance as construction advances across its expanding portfolio of projects.
Construction activity is progressing across Union Properties’ Takaya and Mirdad developments, with its in-house contracting arm, Tetra Edge, supporting project execution and helping optimise delivery efficiency and margins.
Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties, said the company has strengthened its financial position through disciplined execution, improved operational performance, and the creation of a strong development pipeline that is now contributing to measurable financial growth.
He added that with nearly Dh4 billion worth of projects under development, Dh3.87 billion in potential development revenue yet to be recognised, and a strong liquidity position, the company has clear visibility on future earnings while maintaining the ability to pursue additional growth opportunities.
Cash reserves exceed Dh400 million
Union Properties maintained average cash balances of over Dh400 million during the first half of the year, providing financial support for ongoing construction, upcoming project launches, and future expansion plans while preserving a balanced capital structure.
The results highlight Union Properties’ transition from a period of financial restructuring into a growth phase, driven by its expanding development pipeline, stronger liquidity position, and increased project activity.
The company’s management said it will continue prioritising faster project execution, portfolio expansion, and sustainable growth in revenue and profitability over the coming years.
