Union Properties, one of the most notable developers in Dubai, said the claims in an arbitration case filed by one of its subisidiaries have now reached AED3.5 billion ($952 million).
This comes as part of the Dubai group's endeavours to update its shareholders and for transparency and disclosure purposes and in accordance with regulatory requirements.
Union Properties said the arbitral tribunal is expected to issue its decisions on a number of the claims in the second quarter of 2022.
Chairman Khalifa Hassan Al Hammadi said it has put together a team of international experts from Middle Eastern countries, Hong Kong, Australia, the US, and the UK to work on the case.
The team has exerted tremendous efforts to maximize the chances of the case being successful, he stated.
"As a result of the combined efforts of the law firm and the team, the claim has reached approximately AED3.5 billion. If the amount is granted, it will be a significant win for Union Properties and its subsidiaries," noted Al Hammadi.
The Union Properties' management and the legal team will be working through the arbitration procedural timetable set by the tribunal, he added.-TradeArabia News Service