Union Properties announces over 20 per cent growth for year end

The AGM, held at the Shangri La Hotel, gathered together Union Properties' seven board directors and its many shareholders, to share the review of the previous year's financials. During the Meeting, Union Properties also announced that there would be no change to the current board of directors. The current board of directors are as follows: Anis Al Jallaf - Chairman, Fardan Bin Ali Alfardan - Vice Chairman, Mohammed Omar Bin Haider - Director, Abdul Aziz Yaqoob Al Serkal - Director, Abdullah Rashed Abdullah Omran - Director, Saeed Mohammed Al Sharid - Director, Yousuf Yaqoob Yousuf Al Serkal - Director, Simon E. Azzam, Chief Executive Officer.

Anis Al Jallaf, Chairman of Union Properties said, "Union Properties has been very active in the past year, with the on-going construction of our key residential and commercial developments around Dubai. Dubai Autodrome & Business Park, Green Community, Creekside Residence and Uptown Mirdif are all developments that we have either begun or completed construction of in the last 12 months, and our net profit increase has mirrored this high level of activity.

"Over the coming year, we anticipate completion of Creekside Residence, Phase II of Dubai Autodrome & Business Park, and Phase I of UP Town Mirdif, so we expect another prosperous year for our shareholders," added Anis Al Jallaf.

Union Properties' core business is Property Investment Development, which involves investing in and developing residential, commercial, industrial and retail property.

Last week, Union Properties inaugurated the first phase of Dubai Autodrome & Business Park, a AED350million motor sports facility, which alone, is the company's most ambitious project to date.

Another of Union Properties' key developments that is nearing completion is the first phase of the Green Community project - a 67 hectares residential, leisure, retail and commercial community, which will be ready for occupation by May 1st 2004. This development signifies Union Properties' first venture into leasehold ownership, by offering the sale of leases on studios, apartments, townhouses and villas.

In June 2003, the company began construction of its deluxe residential building, Creekside Residence, and looks set to complete the 13 floor, creek view apartment and retail property also on May 1st.

A further key project currently under construction is UP Town Mirdiff - a retail and residential development, set to become the most desirable neighbourhood in town.