It has been a year of consolidation for Ahmad Khalaf Al Marri and his team at Union Properties (UP). The UAE-headquartered developer saw its profit fall 93% year on year in H1 2015 – a slide that Al Marri attributed to investments made by his company. However, it seems that UP is now reaping the rewards of last year’s work. The firm achieved a net profit of $11.46m (AED42.1m) in Q1 2016 – a 50% rise compared to the corresponding period of last year. On the project front, UP selected China State Construction Engineering Corporation Middle East (CSCEC ME) to build its $119m (AED440m) Oia Residence in May 2016. The project, designed by AK Design, will feature 269 residential units, including duplex apartments with private gardens and terraces.
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