In Dubai, Union Properties has resumed legal action against its former chairman and his family members after they failed to honor a settlement agreement previously reached with the real estate developer.
According to Union Properties, the ex-chairman, Khalifa Al Hammadi, persisted in defaulting on the agreed monthly payments despite repeated notifications. As a result, a final notice has been issued to him, his family members, and others for breaching the terms and conditions of the settlement agreement.
The initial announcement of a Dh620 million repayment deal between the developer and the former official was made in April 2023. Prior to this agreement, Union Properties had initiated legal proceedings concerning issues that arose during his tenure as its top official.
On the Dubai Financial Market (DFM), Union Properties’ stock is currently trading down by 2.4 percent at Dh0.27.
