Latest news with #financialrecovery
Zawya
2 days ago
- Business
- Zawya
Union Properties signs AED 700mln sale agreement, paving way for sustainable growth
UAE: Union Properties PJSC ('Union Properties' or the 'Company') (DFM symbol: UPP), has signed a conditional sale agreement valued at AED 700 million for a significant Real Estate project in Motor City. This marks a pivotal milestone in the Company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED 1.3 billion in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the Company's Q4 2025 financials. Importantly, the Real Estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established and sought-after communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties ' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization. Upon completion, the proceeds will enable the Company to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the Company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Eng. Amer Khansaheb, CEO and Board Member of Union Properties, commented on the achievement, stating: 'This transaction is more than a sale - it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter. This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape.' Union Properties remains committed to delivering value-driven, market-responsive developments that elevate communities and support Dubai's broader urban vision. As the Company continues to execute its strategic objectives, this landmark transaction signals its resilience, agility, and forward momentum in an increasingly competitive market.
Malay Mail
6 days ago
- Business
- Malay Mail
Anwar thanks Malaysians for patience amid efforts to strengthen economy
KUALA LUMPUR, July 24 — Prime Minister Datuk Seri Anwar Ibrahim has expressed gratitude to Malaysians for their continued patience and support as his administration works to restore the nation's finances and address the lingering effects of past scandals. This comes in the wake of recent revelations by investigative journalists Bradley Hope and Tom Wright, who disclosed that Malaysia's actual losses from the 1MDB scandal could total up to US$18 billion (RM75.9 billion). The prime minister said this figure underscored the scale of the damage inherited by the Madani government. 'From the very first day the prime minister took office at the end of 2022, he remained committed to repairing the country's financial standing so that he can better serve the people,' said the prime minister's senior press secretary, Tunku Nashrul Abaidah, in a livestream today. With the country's financial position now gradually stabilising, Tunku Nashrul said the government has begun rolling out targeted assistance to ease the public's burden amid global economic uncertainties. 'The prime minister said that these measures were made possible only through disciplined governance and improved fiscal space. 'The prime minister also extends his sincere apologies for delays in fulfilling some of the promises made before taking office, as rebuilding trust takes time and deliberate effort. 'Despite constant personal attacks from Opposition figures, including Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor and the Opposition Leader, the prime minister said that insults and mockery on social media won't derail the government's mission to serve the rakyat,' said Tunku Nashrul. The government has recently come under fire for its decision to reduce the RON95 petrol price from RM2.05 to RM1.99, and for providing a one-off RM100 cash assistance to all adult Malaysians. While some Opposition leaders dismissed the move as trivial, Tunku Nashrul said it was a meaningful gesture in line with National Month celebrations — especially as it marks the first time all Malaysians, regardless of background, have received such direct support. He also clarified that the recently announced aid — including the nationwide rollout of Sumbangan Asas Rahmah (SARA) starting 31 August — is not part of Budget 2026, which will only take effect next year. 'Instead, these initiatives are funded through responsible fiscal planning within the scope of Budget 2025. 'These measures are immediate and necessary, aimed at alleviating the cost-of-living pressures faced by the people now. 'Budget 2026, which will be tabled this October, will contain broader allocations for the following year,' said Tunku Nashrul. The Prime Minister's Office has also offered to brief Opposition leaders on basic budgetary principles, for those who may still be unclear about the difference between fiscal assistance and formal budget allocations. 'If there are no interruptions from 'the grasshoppers by the sea' like Sanusi and his allies, InsyaAllah, the Madani government will continue to deliver more prosperity for all Malaysians,' Tunku Nashrul said.
LBCI
22-07-2025
- Business
- LBCI
Lebanese PM discusses banking reforms and Beirut Museum project with French official
Lebanese Prime Minister Nawaf Salam held talks Tuesday morning at the Grand Serail with Jacques de La Jogie, economic advisor to the French President's special envoy to Lebanon, focusing on the latest developments in the bank restructuring law and proposed amendments currently under discussion in Parliament. The meeting also reviewed the expected timeline for the law's approval, along with progress in drafting the financial gap law, both of which are seen as essential steps toward Lebanon's financial and economic recovery. Additionally, Prime Minister Salam was briefed on the details of a planned archaeological museum for the city of Beirut, which is slated to be built in Martyrs' Square, the heart of the capital.
News.com.au
05-07-2025
- Business
- News.com.au
Melbourne man's amazing journey from sleeping in car to homeowner
A Melbourne man has revealed his incredible journey from living in a car after being scammed out of his life savings, to becoming a property investor. And the boilermaker's surprising turning point was a trip to McDonalds. It comes as social housing services groups warn there could be a growing cohort of Victorians who face homelessness on their way path to homeownership. Father-of-two Kostas Papadimitropoulos, who was born in Australia but later moved to Greece with his parents as child, lost everything when a man posing as a prospective business partner left him in financial ruin. But after years of hard work, he now owns a home in Melbourne's north and is in the process of buying an investment property. In 2016-17, about five years after he returned to Australia, Mr Papadimitropoulos met a man who asked for $30,000 so they could build a business together – but the man fled the country. 'He disappeared and he left me with a $60,000 debt with an ANZ business loan,' Mr Papadimitropoulos said. He reported the matter to police, but was left without his life's savings and a short time later was evicted form his rental and eventually wound up sleeping in his car. With his wife, Bibi, and daughter, Sinny, who were in China as this happened, he was forced to use the Wi-Fi in cafes to stay in touch with the woman he had met as she holidayed in Greece years before. His turning point came from a lucky meeting with a divorced mother of two at a McDonalds in 2020. Mr Papadimitropoulos had seen a social media post about a woman, Anissa Cavallo, who had built a 17-property portfolio after getting divorced. Hoping she might be able to help him overcome his bleak financial history, he arranged a meeting. While her children ate Happy Meals, Ms Cavallo told him to focus on work and money, meanwhile the Eda Property founder helped clean up his credit file so he could get a loan. 'Slowly, slowly, I found work and started to build my wealth,' Mr Papadimitropoulos said. In January 2021, using his savings, money sent from Bibi and borrowing from friends – which he has since paid back – he bought a block of land to build a house on. He also got the Victorian government's First Home Owner Grant, and the house was built by mid-2023. Mr Papadimitropoulos, Bibi and Sinny, now 17, have been living there ever since and are now preparing to buy an investment property with the equity from their first home. Ms Cavallo said the incredible journey proved there was almost always a way to get a home, advising people who want to focus on getting a job and their finances in order before preparing to enter the market. But there are growing fears more Victorians will face a similarly fraught pathway to housing security. Melbourne City Mission youth and family homelessness services senior manager Lisa O'Brien said a combination of high rents and low vacancy rates were driving increasing numbers of Victorians to homelessness. 'For some, owning a home may eventually be possible, but for many, just accessing a safe bed is a significant and hard-won milestone in the context of today's housing market,' Ms O'Brien said. 'We have many examples of people and families who have transitioned from rough sleeping, living in cars, sheds or on a couch into autonomous living once more. 'It can be a journey to navigate the housing system and without support it is easy to get lost or left behind.' The Council to Homeless Persons chief executive Deborah Di Natale said as the Victorian housing crisis intensified, support services had 'seen an alarming surge of working people experiencing homelessness'. 'Unfortunately in the past year we've seen no indication the situation is improving,' Ms Di Natale said. In March, Infrastructure Victoria recommended the state government urgently build 60,000 new social housing homes to help address the situation. 'Without that kind of decisive action, we'll continue to see more families in crisis, more women and children leaving violence with nowhere to go, and tragically more people dying on our streets,' Ms Di Natale said. She also called for more investment in Housing First programs which provide long-term rough sleepers with housing and wraparound support services. TIPS TO GO FROM WORKING HOMELESS TO HOMEOWNER – Work longer hours to earn more money, overtime can ramp up; – Save as much money as you can from day-to-day expenses; – If you're renting, try to find a cheaper rental property; – Take advantage of existing government help schemes, such as the Victorian government's First Home Owner Grant; – Don't be afraid to seek advice from industry professionals. Source: Kostas Papadimitropoulos
Yahoo
04-07-2025
- Business
- Yahoo
A Couple Share How They Went From Living In Their Car To A $1 Million Net Worth: 'I Managed To Find A Low-Paying But Stable Job'
You don't have to stay where you are for the rest of your life, and a couple that went from living in their car to a $1 million net worth embodies this idea. The couple got into a bad financial situation when they were both laid off a few weeks apart in 2008. Then, with no salaries and student loan payments to make, they had to live in a car. The situation looked grim, but the couple recovered and put themselves in a good financial position. They recently shared how they did it in the Dave Ramsey subreddit. "I managed to find a low-paying but stable job," the husband explained. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Here's how you can apply the couple's lessons to your financial situation so you can achieve long-term goals. The husband doesn't work at the same job he took during the Great Recession, but it gave the couple a start. That job allowed them to rent out a garage and get back on their feet little by little. There wasn't a quick and dramatic rise to the top. The couple learned about Ramsey's baby steps financial formula for getting out of debt and building wealth during this time. They took advantage of coupons and discounts wherever they could find them while living "insanely frugal." The first job you get probably won't be your dream job. It may take a few years before you earn a six-figure salary, and even that's not guaranteed. Taking a low-paying job lets you get your foot in the door. You might be chosen for internal promotions if you overachieve at your company, but job hopping is another alternative that can introduce you to a higher salary after you've built some work experience. Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — The Redditor mentions that he climbed the corporate ladder for more than a decade to boost his salary. Growing your salary makes it easier to cover various costs, like student loans, mortgage payments, cars, and credit card debt. The couple is debt-free because of their commitment to climbing the corporate ladder. It's easier to play it safe and stay at a stable job, but this mentality can significantly limit your earnings. You may find better opportunities at another company, but before you consider that route, it's worth asking for a raise and seeing if you can get promoted within the company. You will have to build your network, regularly apply for new jobs, and get good at negotiating to ascend the corporate ladder over time. This couple stayed the course for more than a decade to reach their current below your means requires making some sacrifices. You may not be able to go on luxurious vacations, and buying used cars may be the norm. However, it was a key component for the couple's long-term success and happiness. Being frugal can also reduce your financial stress since you are letting fewer expenses into your life. The husband summed up the long-term benefits of his frugal lifestyle in one of the comments. "Being frugal paved the way to an amazing life with an amazing wife and two great kiddos. We spent on what we considered value add for our future and our lifestyle, and really have enjoyed life to its fullest and intend to do so. We are a family who loves to travel, be on the road, and explore new things. We are constantly on the road, doing what we love. I was able to afford this lifestyle because we are frugal and smart with money." Read Next: The average American couple has saved this much money for retirement —? Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Couple Share How They Went From Living In Their Car To A $1 Million Net Worth: 'I Managed To Find A Low-Paying But Stable Job' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
