Union Properties Reports Q3 Net Profit of AED 28 Million in Dubai, Boosted by Revenue Growth

Dubai-listed developer Union Properties announced a net profit of AED 28 million for the first nine months of 2026. This figure is lower than the AED 139.2 million reported in the same period last year, primarily due to a one-off gain of AED 152 million from a plot sale in the previous year.

Despite the decline in reported net profit, the company demonstrated strong operational performance. Revenue for the nine months ending September 30, 2026, surged by 58% year-on-year to AED 809.5 million. Gross profit also saw a substantial increase of 61%, reaching AED 156.7 million compared to AED 97.5 million in the prior year period. This growth reflects improved operational efficiency and contributions from its subsidiaries.

Strategic Growth and Development Pipeline

Union Properties is actively advancing a development pipeline estimated at AED 4 billion, with approximately AED 3.87 billion in future development revenue projected to be realised by 2028. This pipeline includes major projects such as:

• Takaya: A mixed-use development valued at approximately AED 2 billion.
• Mirdad: Another significant project with an estimated value of AED 2 billion.

Sheikh Nasser Rashid Almoalla, chairman of Union Properties, highlighted that the company remains focused on strengthening its financial fundamentals and expanding its development pipeline to capitalise on growth opportunities. Dr. Ali Rashed Sultan Al Kaitoob, vice chairman of the transition committee, also emphasised efforts to enhance asset performance and accelerate project execution.

The company maintains a strong liquidity position and financial flexibility, providing a solid foundation for capital deployment and the execution of its growth strategy, aiming to support future revenue generation and diversify income streams within Dubai's real estate market.