What Union Properties does

Union Properties PJSC is a Dubai-headquartered publicly traded real estate developer founded in 1987 and listed on the Dubai Financial Exchange under ticker UP. The company develops master-planned residential, commercial, industrial, and hospitality projects — its flagship product being the Mirdad community in Motor City (AED 2 billion, 1,087 apartments across four towers) alongside the Takaya development aligned with Dubai's 20-minute city planning model. A AED 4 billion total development pipeline (AED 2 billion completed base + AED 2 billion in 2026 launches) underpins the development business.

The business operates through two primary revenue streams: one-time property sales of residential and commercial units sold quote-based to individual buyers and investors, and recurring facilities management revenue generated through wholly-owned subsidiary ServeU, which was expanded via the 2025 acquisition of House Keeping LLC. Go-to-market relies on direct sales offices, project showrooms, and participation in events such as the IPS International Property Show at Dubai World Trade Centre, alongside investor relations communications through the stock exchange.

FY2025 financials reflect a completed turnaround: revenue of AED 736.9 million (up 39.4% YoY from AED 528.7 million), operating profit of AED 240.7 million, and cash reserves of AED 494.2 million. The April 2026 AGM approved the company's first dividend payout in 11 years (AED 3 fils per share) with 68% shareholder participation — the first quorum in six years — coinciding with the election of a new three-year Board of Directors. Strategic positioning now includes participation in DIFC's Dubai PropTech Hub Global Landing Pad programme under the PropTech 2033 initiative, aligning the developer with AI-driven urban infrastructure partners for MEASA market expansion.

Name

Union Properties

Legal name

Union Properties PJSC

Website

https://up.ae

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Union Properties PJSC is a Dubai-listed real estate developer (founded 1987) building master-planned residential, commercial, industrial, and hospitality communities for individual buyers and investors, with recurring services through its ServeU facilities management subsidiary.

Ownership category

akta.pro rank

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Property Development Sales: Revenue from development and sale of residential and commercial properties including master-planned communities such as Mirdad (AED 2 billion) and Takaya.
2. Facilities Management (ServeU): Through subsidiary ServeU, the company generates recurring revenue from facilities management services including the recent acquisition of House Keeping LLC.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Union Properties PJSC is a Dubai-based publicly traded real estate developer that designs, builds, and sells master-planned residential communities (such as the AED 2 billion Mirdad project comprising 1,087 apartments in Motor City) as well as commercial, industrial, and hospitality properties. The company also operates vertically integrated facilities management services through its wholly owned subsidiary ServeU (expanded via the 2025 acquisition of House Keeping LLC), and is participating in DIFC's PropTech Hub programme to incorporate AI-native and PropTech capabilities into its developments.

Product overview

Union Properties PJSC is a Dubai-based real estate developer operating a multi-product portfolio strategy. The company develops master-planned residential communities and operates through its facilities management subsidiary ServeU. Key products include the Mirdad residential project in Motor City (AED 2 billion, 1,087 units across four towers) and the Takaya development aligned with 20-minute city principles. ServeU provides integrated facilities management services, expanded via the House Keeping LLC acquisition. The company is participating in DIFC's Dubai PropTech Hub initiatives and maintains a AED 4 billion project pipeline with AED 2 billion in launches planned for 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Mirdad AED 2 billion master-planned residential project located in Motor City, Dubai, comprising 1,087 apartments across four towers. Positioned as the company's flagship new residential community offering.
• Takaya A residential development in Dubai that follows the '20-minute city' proximity-driven urban planning model, under which essential services are accessible within a 20-minute walk or bike ride. Aligned with Dubai's 2040 Urban Master Plan.
• ServeU (Facilities Management) Wholly owned facilities management subsidiary of Union Properties providing integrated property services including maintenance, cleaning, and HVAC support. Expanded through the 2025 acquisition of House Keeping LLC to strengthen service capabilities and deliver recurring facilities management revenue.
• House Keeping LLC Housekeeping and cleaning services company acquired in 2025 by Union Properties' subsidiary ServeU to expand integrated property services capabilities as part of the company's vertical facilities management strategy.

Quantifiable outcome

• 39.4% year-on-year revenue increase to AED 736.9 million in FY2025
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• House Keeping LLCcoreStrategic or Co-development Partner · 16 February 2026Union Properties' subsidiary ServeU expanded through the acquisition of House Keeping LLC, strengthening its facilities management capabilities and service offerings.
• DIFC Dubai PropTech HubcoreStrategic or Co-development PartnerUnion Properties participates in DIFC's Dubai PropTech Hub Global Landing Pad programme as part of PropTech 2033 initiative. The partnership provides access to AI-native urban infrastructure development opportunities and MEASA market expansion through the DIFC Innovation Hub ecosystem.
• Dubai Land DepartmentcoreStrategic or Co-development PartnerDubai Land Department is the strategic partner for IPS 2026 real estate exhibition at Dubai World Trade Centre (September 7-9, 2026). The partnership connects Union Properties with global real estate professionals, developers, and policymakers.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Emaar Properties: Emaar is the largest listed UAE developer (Burj Khalifa, Downtown Dubai, Dubai Marina) and is the most direct competitor to Union Properties on master-planned residential communities in Dubai. Both compete for the same HNI/institutional buyer segments and operate under the Dubai Land Department regulatory framework.
• Damac Properties: Damac is a major Dubai-listed luxury residential and master-planned community developer with comparable customer segments (HNI buyers, investors). It is directly comparable to Union Properties on tower-format residential launches and Dubai-focused pipelines.
• Meraas: Meraas develops large-scale mixed-use and master-planned communities in Dubai (e.g., City Walk, La Mer, Bluewaters Island). It competes with Union Properties' Mirdad and Takaya in the integrated-communities segment of the Dubai market.
• Nakheel: Nakheel is the Dubai-based master developer behind Palm Jumeirah and many free-zone residential communities. It competes head-to-head with Union Properties on freehold master-planned residential developments targeting end-users and investors.
• Dubai Properties: Dubai Properties is a Dubai Holding entity operating master-planned communities (e.g., JBR, Business Bay, Villanova). It is a close peer given shared public-entity exposure, Dubai-only geographic scope, and similar freehold residential pipeline economics.
• Binghatti Developers: Binghatti is a Dubai-based developer specifically co-listed alongside Union Properties in the DIFC Dubai PropTech Hub Global Landing Pad programme. It is directly comparable as a Dubai tower-and-master-community developer targeting similar buyer segments.
• Sobha Realty: Sobha Realty is a Dubai-listed (and GCC-active) premium developer also participating in the DIFC PropTech Hub Global Landing Pad cohort. It is directly comparable as a master-planned, vertically integrated developer with similar premium-positioning strategy.

Regional players

• Aldar Properties: Aldar is Abu Dhabi's largest listed developer with a comparable mix of master-planned communities, residential towers, and recurring property services. It is a regional peer with similar business model mechanics, though primarily UAE-Abu-Dhabi-focused rather than Dubai.
• RAK Properties: RAK Properties is a UAE-listed (ADX) regional developer of residential and mixed-use projects across Ras Al Khaimah and selected Dubai-area communities. Comparable as a publicly listed UAE real-estate developer with similar project-cyclicality to Union Properties, though with a different geographic weighting.

Broad incumbents

• Majid Al Futtaim: Majid Al Futtaim operates a broad UAE retail-led property development business (e.g., Mall of the Emirates, City Centre developments) co-listed with Union Properties in the DIFC PropTech Hub cohort. Comparable on large-scale mixed-use Dubai development, though diversified across retail, hospitality and lifestyle.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/UnionProperteis

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Union Properties