The Union Real Estate Company, listed on the Dubai Financial Market, revealed that it is currently working on restructuring debt and reducing costs to cope with the recession in the real estate market in Dubai.
Bloomberg News said that the Emirati company is focusing on restructuring its budget, and all its efforts will be directed to reducing its losses accumulated in the past.
and indicated that it restructured 946 million dirhams ($ 258 million) in debt last August.
The company achieved net profits in the third quarter of this year by about 509 million dirhams, compared to losses of 81.56 million dirhams for the same period in 2019.
And Union Real Estate incurred losses of 218.81 million dirhams last year, compared to 62.32 million dirhams in 2018.
