The company added in a statement to the Dubai Financial Market that the arbitral tribunal is expected to issue its decisions on some claims clauses in the second quarter of 2022.
According to the statement, the team responsible for the arbitration case includes international experts from various countries in the Middle East, Hong Kong, Australia, the United States of America and the United Kingdom.
She explained that if the specified amount is successful, this will be an important achievement for Union Properties and its subsidiaries.
Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of Union Properties, affirmed the commitment of the Union Properties management and its team to work according to the timetable for arbitration procedures, specified by the arbitral tribunal, and specified by the arbitral tribunal, and the continuous commitment to continue the lawsuit until the end, and to achieve the desired success for the benefit of the company and its shareholders .
In May 2020, Union Properties revealed details of the legal procedures for claiming about 1.5 billion dirhams, after it announced that a 100% owned subsidiary of it had initiated arbitration procedures to claim amounts owed amounting to 1.5 billion dirhams.
She explained that this claim represents an estimated value of the amounts owed to a wholly owned subsidiary of Etihad, which was the subcontractor nominated by the main contractor to carry out electrical, mechanical and plumbing works for a major project in Dubai.