UP plans to list ServeU on DFM

dubai — Union Properties (UP), one of the leading real estate developers in the UAE, on Monday announced its intention to raise capital through an initial public offering (IPO) of the shares of ServeU, its facilities management subsidiary, in the second half of 2018.

The Group will list the ServeU shares on Dubai Financial Market (DFM) and invest the proceeds from the IPO to enhance Union Properties’ operations and develop its investment portfolio.

Established in 1985, ServeU is one of the leading facilities management companies in the region. Its services include property maintenance, general maintenance, security, cleaning, waste transportation and landscaping.

The move comes as part of Union Properties’ recently adopted strategy, which focuses on enhancing its investments, diversifying revenue sources and expanding into new markets.

Ahmed Yousef Khouri, Group CEO of Union Properties, said: “2018 marks a new phase of development and growth for Union Properties. After the Group’s extensive changes in management, structure and strategy in 2017, the company now has a unique position that will help it continue to strengthen its portfolio, diversify its revenue streams and enter new markets in the Middle East and beyond.”

— business@khaleejtimes.com