Main contract awarded to in-house contracting subsidiary Tetra Edge

Union Properties said its 2 billion UAE dirhams ($544.59 million) new residential master-planned community in Dubai’s Motor City is currently advancing through the approval and permitting stage.

The community comprises nearly 167 townhouses, villas and bungalows, the Dubai-listed developer said in its first-half 2026 financial statement.

Construction continues to progress steadily across Takaya and Mirdad developments in Motor City, with its in-house contracting subsidiary, Tetra Edge, building execution efficiency and supporting stronger project margins.

The company has approximately AED 4 billion of projects under development and recognised AED 101.6 million in development revenue during the first half of 2026.

Union Properties has AED 3.87 billion in potential development revenue with higher margins yet to be recognised by 2028, the statement added. Gross revenue for the second quarter and first half of 2026 increased to AED257.8 million (+69 percent YoY) and AED 529.3 million (+68 percent YoY), respectively.