Union Properties H1 2026: Revenue Up 68% to AED 529 Million as Dubai's Legacy Developer Returns to Growth

Union Properties, one of Dubai's oldest listed developers, has posted a sharp rise in first-half earnings, adding to the sense that a company once weighed down by debt is finally back on stable ground. Revenue for the six months to the end of June climbed 68 percent to AED 529.3 million, up from AED 316 million in the same period a year earlier, while gross profit rose 41 percent to AED 107 million.

The second quarter carried much of the momentum. Revenue for the three months to June jumped 69 percent year on year to AED 257.8 million, with gross profit of AED 48.6 million. Management pointed to tighter execution and better margins rather than one-off gains, a distinction that matters for a developer that has spent much of the past decade rebuilding trust.

From restructuring to steady ground

For anyone who followed Dubai property through the last cycle, the Union Properties name carries history. The company, founded in the late 1980s and behind Motor City and Green Community, went through years of financial restructuring, boardroom upheaval and debt reduction that at times put its survival in question. Chief executive Amer Khansaheb framed the half year results as proof that the business has moved past the repair phase and into something more durable, describing a company that is now stronger and more resilient rather than simply patched up.

The operational numbers back that up. Union Properties says it has around AED 4 billion of projects under development and recognised AED 101.6 million of development revenue during the first half, with roughly AED 3.87 billion still to be booked through 2028. Average cash balances sat above AED 400 million, giving the company room to fund construction without leaning on the kind of borrowing that caused trouble before.

Building again in Motor City

Most of the activity is concentrated in Motor City, the community Union Properties helped create. Work is progressing on its two flagship residential projects, Takaya and Mirdad, with an in-house contracting arm, Tetra Edge, handling much of the construction and, the company says, protecting margins in the process. The developer is also preparing a new master-planned community of about 167 townhouses, villas and bungalows worth an estimated AED 2 billion, which is currently in the approval stage.

The recovery of a mid-sized, home-grown developer is a useful signal for buyers, because a builder's financial strength now weighs almost as heavily as the address when off-plan money is on the line. Anyone deciding where to commit can compare Dubai developers on track record and delivery before signing, which is exactly the kind of due diligence that a story like this one rewards.

Union Properties remains far smaller than Emaar, DAMAC or Sobha, and its pipeline is modest by Dubai standards. Even so, a 68 percent revenue jump and a fresh billion-dirham community in the works suggest a veteran of the market has found its feet again, at a moment when the wider Dubai property sector is still running hot.