Latest news with #Khansaheb
Zawya
18-02-2025
- Business
- Zawya
UAE: Union Properties sees growth in operating profit; new projects unveiled
Dubai: Union Properties witnessed lower net profits at AED 275.63 million in 2024, compared to AED 837.61 million in 2023, according to the financial statements. Basic and diluted earnings per share (EPS) dropped to AED 0.06 last year from AED 0.19 in 2023, while the revenues increased to AED 528.75 million from AED 508 million. Operating profit jumped by 59% year-on-year (YoY) to AED161.80 million as of 31 December 2024. Union Properties achieved AED 1.30 billion in land sales, while its current assets now exceed its current liabilities by AED 566 million for the first time in many years. This performance highlights the company's remarkable achievements in debt restructuring, with total repayments amounting to AED 723 million completed in 2024. The group reduced its finance cost to AED 31.70 million in 2024 from AED 114 million in 2023, further enhancing its financial position. In the fourth quarter (Q4) of 2024, the DFM-listed firm incurred accumulated losses valued at AED 1.86 billion, accounting for 43.60% of the capital. Amer Khansaheb, CEO of Union Properties, said: 'Key achievements such as significant improvement in liquidity, growth in operating profit, the success of our subsidiaries, and the launch of exciting new projects demonstrate our commitment to delivering value to stakeholders.' 'Looking ahead to 2025, we will focus on community growth and the sustainable development of Dubai's Real Estate sector. Additionally, we are set to launch two new projects soon, worth AED 4 billion, supporting our expansion goals,' Khansaheb added. As part of its AED 6 billion development strategy, Union Properties plans to launch two new projects soon, contributing to the UAE Real Estate market's increasing value, which is poised to expand at an annual growth rate of 2.25% between 2024 and 2029. The market's valuation is expected to hit $759 billion by the end of the forecast period.
Zawya
13-02-2025
- Business
- Zawya
Union Properties reduces legacy debt, targets another $40.8mln cut by Q1-25
Dubai: Union Properties has achieved a significant milestone in its recovery plan by reducing its legacy debt of AED 1.47 billion as of 2022 to AED 575 million as of the end of December 2024. The company also plans for an additional reduction of AED 150 million by the end of the first quarter (Q1) of 2025, according to a press release. Union Properties was able to reduce the margin on the 3M EIBOR from 3.25% to 2.75% in light of growing trust among banks. The company was also able to secure additional bank loans of AED 150 million to fund new investments it intends to make in the coming 18 months. These investments are expected to generate an annual recurring income of approximately AED 40 million. Furthermore, Union Properties has lowered its financing costs by AED 82 million throughout 2024 to hit AED 32 million at the end of the year from AED 114 million in 2023 by implementing its debt restructuring strategy, improving profitability and liquidity. In addition, as a part of its asset divestment strategy, the company has sold plots, generating AED 1.30 billion in funds for debt settlement agreements and fulfilling preliminary costs for new real estate projects. Union Properties plans to launch two new projects soon, further reinforcing its leading position in Dubai's urban development landscape. The projects will include mixed-use, residential, commercial developments that will meet the highest benchmarks of sustainability, innovation and functionality. CEO and Board Member of Union Properties, Amer Khansaheb, said: 'With the successful reduction of our legacy debt and acquisition of new funding to advance our strategic expansion, we at Union Properties pave the way in a new era of growth and possibilities.' Khansaheb added: 'Our growing trust among financial institutions and unwavering commitment to excellence will certainly lay the groundwork for continued success, while also allowing us to address the evolving needs of urban populations.' He concluded: 'The strength and potential of the Company's portfolio are also demonstrated in different format by the availability of 10 million square feet of GFA." Meanwhile, the two new projects are set to be launched soon and will be strategically located and built to the highest sustainability and quality standards. These projects demonstrate Union Properties' commitment to promoting sustainable growth and improving Dubai's Real Estate market by attempting to meet the changing needs. It is worth mentioning that the real estate firm sold above AED 1.30 billion worth of plots since the announcement of its five-year turnaround strategy in April 2023.
Trade Arabia
05-02-2025
- Business
- Trade Arabia
Khansaheb snaps up Dubai Exhibition Centre Phase I contract
UAE-based Khansaheb Civil Engineering has announced that it has been named the main contractor for Phase One of the Dubai Exhibition Centre (DEC) expansion project at Expo City Dubai. This phase, set for completion by 2026, will expand the DEC's capacity to 140,000 sq m, nearly 2.5 times its current size of 58,000 sq m. Khansaheb's scope of work includes a 34,000 sq m South Hall and 30,000 sq m North Hall expansion, including steel frame superstructures, composite cladding, MEP installations, and seamless integration with the existing exhibition space and systems. Movable partitions, meeting rooms, and back-of-house areas will provide functional, flexible event spaces. The project follows a pre-construction period during which Khansaheb collaborated with DWTC to ensure effective planning, buildability, and cost management. This project underscores Khansaheb's longstanding relationship with the Dubai World Trade Centre (DWTC) based on the successful completion of numerous previous projects, and provides a platform for future growth within the region's construction industry. Site works are now well underway with the substructure works and first elements of structural steel to the North and South Halls progressing well. DWTC Vice President (Real Estate Development) Amer Al Farsi said: 'The expansion of DEC marks a significant milestone in strengthening Dubai's global leadership in the events and exhibitions industry. " "This landmark development reflects our commitment to creating an exceptional venue that will elevate the city's standing as a world-class destination for business and events," he noted. "We are pleased to appoint Khansaheb, a key partner in delivering a state-of-the-art facility that aligns with Dubai's ambitious vision. By delivering a venue of this scale and excellence, we are shaping the future of global events and driving sustainable economic growth,' he added. On the contract win, Chairman Tariq Hussain Khansaheb said: "We are honoured to be selected for this strategic project, which highlights the trust placed in us by the Dubai World Trade Centre. Our long-term collaboration with DWTC has enabled us to continue to contribute to Dubai's growth as a premier global hub for events and exhibitions." "This expansion underscores our commitment to delivering high-quality, innovative solutions that support the future development of Dubai and the achievement of its ambitious and visionary goals," he stated.
Zawya
05-02-2025
- Business
- Zawya
Khansaheb appointed main contractor for Phase 1 of $2.7bln DEC expansion project
Dubai-based Khansaheb Civil Engineering has been appointed as the main contractor for the first phase of 10 billion UAE dirhams ($2.7 billion) Dubai Exhibition Centre (DEC) expansion project in Expo City Dubai. This phase, set for completion by 2026, will expand the DEC's capacity to 140,000 square metres, nearly 2.5 times its current size of 58,000 sqm, according to a statement issued by Khansaheb. The contract value wasn't disclosed. Khansaheb's scope covers a 34,000 sqm South Hall and 30,000 sqm North Hall expansion, including steel frame superstructures, composite cladding, MEP installations, and seamless integration with the existing exhibition space and systems. The statement said site works are underway with the substructure works and first elements of structural steel to the North and South Halls progressing. DEC expansion involves the development of the largest purpose-built exhibition venue of its kind in the region, spanning 1.2 kilometres, and including 180,000 sqm of exhibition space. The first phase will introduce 64,000 sqm of permanent exhibition halls, plus around 30,000 sqm of temporary halls, adding on to the venue's existing 46,000 sqm. This expansion will bring the total indoor events hosting capacity to an expansive 140,000 sqm by 2026, enabling a daily visitor capacity of 50,000 people. Mace is providing project and design management services for Phase 1. Egis is the lead engineering consultant for entiexpansion project. Phase 1 involves 515 piles to support the structure, 14,000 tonnes of structural steel - equivalent to the weight of two Eiffel Towers and 48,000 cubic metres of reinforced concrete and 78,000 sqm of roof sheeting, an area comparable to 62 Olympic-size swimming pools. (Editing by Anoop Menon) (
