Dubai PR Network, Online Press Release from Dubai and Middle East
 
Property & Real Estate(Real Estate & Retail)
Filter PR by
  
Arbitration claims reached to approximately AED 3.5 Billion Latest developments on the arbitration case filed by one of Union Properties PJSC subsidiaries
 

October 24, 2021: As part of its endeavors to update its shareholders and for transparency and disclosure purposes and in accordance with regulatory requirements, Union Properties PJSC, one of the most notable developers in Dubai, now updates on the arbitration claim filed by one of its subsidiaries. The total estimated amount included in the subsidiary’s claims estimation report is now approximately AED 3.5 billion, and the arbitral tribunal is expected to issue its decisions on a number of the claims in the second quarter of 2022.

HE Khalifa Hassan Al Hammadi, Union Properties PJSC Chairman, also divulged that the Company has put together a team of international experts from Middle Eastern countries, Hong Kong, Australia, the US, and the United Kingdom to work on the case. The team has exerted tremendous efforts to maximize the chances of the case being successful.

As a result of the combined efforts of the law firm and the team, the claim has reached approximately AED 3.5 billion. If the amount is granted, it will be a significant win for Union Properties and its subsidiaries.

HE Khalifa Al Hammadi confirmed that the Union Properties PJSC management and its team will be working through the arbitration procedural timetable set by the tribunal. He added that they are determined to see this claim through to a successful conclusion in the interest of the Company and its shareholders.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 3272 times
PR Category : Real Estate & Retail
Posted on : Sunday, October 24, 2021  5:34:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Danube Properties Announces the Launch of the Dh475 million ...
Next Story : The FITOUT announces completion of fit-out works for pavilio...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Bernhard H. Mayer unveils new Empire Collection of Luxury Timepieces [7683-Views]
Zamzam.com: First OTA Platform to Launch B2C Visa Services to Customers [4690-Views]
Zamzam.com signs MoU with AlBirr Society in KSA [4112-Views]
His Highness Sheikh Hasher Bin Maktoum Al Maktoum, Director General of Dubai Department of... [3592-Views]
TCL Brings New Mini LED QLED TVs And Home Appliances to the Middle East and Africa [3526-Views]
Role of new Business Models in Powering Growth of Bookstores highlighted at International ... [3317-Views]
Bicester Village Launches ‘British Fashion Council X the Creative Spot' Pop-Up Boutique [3313-Views]
Mohamed Henedy at SCRF 2022: I Owe my Success to Children [3259-Views]
BCC Group International Announces Diversification into Property Development [3108-Views]
Sony Re-Writes the Rules with their newest Industry-Leading Noise Cancelling Headphones – ... [2923-Views]
Beyond Books at SCRF 2022: ‘Back to Games' Adapts Popular International Board Games for t... [2854-Views]
‘Walking Trees' Wandering the Halls of SCRF 2022 Raise Awareness about the importance of N... [2776-Views]
Chairman's Quote on the Death of Sheikh Khalifa bin Zayed Al Nahyan [2767-Views]
Dubai Customs Handles 285,000 Refund Requests, in Q1 2022, with a Value of AED2b [2714-Views]
Commentary for His Excellency Eng. Shadi Malak, CEO of Etihad Rail for Middle East Rail 20... [2567-Views]
Samsung's Smart Monitor Becomes a Million Seller [2530-Views]
Emirates Group Announces 2021-22 Results [2505-Views]
Lenovo Combines Stealth with Apex Performance in the Latest Legion 7 Series Gaming Laptops [2485-Views]
Rize University Fair Returns to Connect Students with World-Leading Universities [2456-Views]
Gulf Pharmaceutical Industries Julphar Announces Q1 2022 Results; Delivers Robust Top and ... [2423-Views]
Photos From the Second Day of the 13th Edition of the Sharjah Children's Reading Festival ... [2407-Views]
Ahmed bin Saeed Honours the Winner of the first Aster Guardians Global Nursing Award 2022 [2390-Views]
Minions' Director Inspires Ambitious Animators at 13th Sharjah Children's Reading Festiva... [2390-Views]
Amlak Finance announces First Quarter 2022 Financial Results [2292-Views]
Visitors Blown away by Sharjah Children's Reading Festival's First-Ever Ice-Skating Show [2263-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories