Union Properties Approves First Dividend in 11 Years as AGM Meets Quorum

DUBAI, UAE – Union Properties has approved its first dividend payout in more than a decade, following a successful Annual General Meeting (AGM) that achieved quorum for the first time in six years, marking a significant milestone in the company’s recovery and strategic repositioning.

The AGM, held on April 7, recorded 68% shareholder participation, enabling proceedings to be completed at first quorum, a level not reached since 2020. The company noted that the strong turnout reflects renewed investor confidence in its performance and future outlook.

Shareholders approved a cash dividend of $0.0008 per share (AED 3 fils), representing the company’s first payout in 11 years. The move signals a strengthened financial position and a return to shareholder value creation following a prolonged period of restructuring and operational realignment.

The approval is seen as a key step in restoring market confidence, as the company transitions toward a more stable and performance-driven phase.

New board elected to guide next phase

During the AGM, shareholders also elected a new Board of Directors for a three-year term. The board includes:

Shaikh Nasser Rashid Almoalla Mohamed Fardan Al Fardan Amer Abdulaziz Khansaheb Ahmed Salem Alhosani Ahmad Bin Mohammad Al Qassimi Khaled Nasser Al Shamsi Rana Abdelkarim Shashaa

The newly appointed board is expected to play a central role in advancing the company’s governance framework and supporting its long-term growth strategy.

Chairman Mohamed Fardan Ali Al Fardan highlighted the company’s improved financial performance, with revenue rising 39.4% year-on-year to $200.7 million (AED 736.9 million), compared to $144.0 million (AED 528.7 million) in 2024.

Operating profit increased to $65.5 million (AED 240.7 million), up from $44.0 million (AED 161.8 million), while cash reserves reached $134.5 million (AED 494.2 million), reflecting a strengthened liquidity position.

The results underscore a period of operational recovery, supported by improved cost management, asset optimisation, and a more disciplined financial approach.

Strategic shift toward long-term value

Chief executive Amer Khansaheb said the dividend approval reflects progress made over recent years and marks the beginning of a new phase focused on financial discipline and sustainable returns.

The outcomes of the AGM highlight a broader strategic shift, with increased emphasis on governance, profitability, and consistent shareholder returns.

As Union Properties moves into this next phase, the company appears positioned to rebuild investor trust while aligning its operations with evolving market expectations in Dubai’s real estate sector.