Dubai – Mubasher: Union Properties (UP) has confirmed the news that it is establishing a utility management company in Saudi Arabia.
UP will establish ServeU in cooperation with Saudi’s Al Momtalakat Al Momayzah (Emtlak), the company said in its filing to the Dubai Financial Market (DFM), adding that the new firm will specialise in providing real estate and general maintenance as well as security, cleaning and waste transport and disposal services in the Gulf kingdom.
The partnership with the Saudi firm is the first step in UP’s expansion plan outside the UAE market, said UP general manager Ahmad Khalaf Al-Marri, adding that going forward with further expansions depends on market conditions and the company’s need to take such steps.
UP reported a net profit of AED 858.57 million in 2014 compared to AED 1.58 billion in 2013, registering a sharp decline of 45.6%. The company’s capital amounts to AED 3.535 billion divided on 3.535 billion shares at par value of AED 1 per share.
