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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

UAE prosecutors launch probe into Union Properties

The allegations arose of the company selling property at less than its real value.
By TRENDS Desk
October 24, 2021 2:53 pm
  • The prosecutors will also investigate accusations that the firm hid the name of the beneficiary of the sale
  • The firm, Union Properties, known for building Dubai Motor City, has not reacted to the start of the investigation

The UAE prosecutors have begun an investigation into Union Properties, the Dubai-based real estate developer, after allegations arose of the company selling property at less than its real value.

The prosecutors will also investigate accusations that the firm hid the name of the beneficiary of the sale, and also forged documents and other transgressions.

The firm, Union Properties, known for building Dubai Motor City, has not reacted to the start of the investigation.

Filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors. Separately, the company said one of its subsidiaries was involved in a lawsuit seeking nearly $1 billion, without elaborating.

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