According to Al-Bayan, the company stated in a statement that the claim is related to construction work for one of the mega projects that were completed about 10 years ago.
In this regard, Khalifa Al Hammadi, CEO of Union Properties, said that the executive management is keen to make every effort to claim the amounts owed to the company and its subsidiaries, and do not spare any effort in seeking Collecting these sums by taking the proper legal procedures in the interest of the company’s shareholders.
Al-Hammadi added that the shareholders and the financial market will be continuously informed about the developments of the arbitration in accordance with the laws and regulations related to disclosure and transparency.
