Real estate developer Union Properties has warned the market of possible fake news in a missive on the Dubai bourse telling shareholders “not to entertain” information from unofficial sources.
In a filing on the Dubai Financial Market, the developer behind Dubai's Motor City said the only official sources of information about Union Properties were disclosures from itself or those posted on the Dubai stock exchange.
“The company advises shareholders and investors to follow the company's news through the official and approved channels, and not to entertain any news that is being circulated through any unofficial channel and some social media platforms,” the company said in the statement.
The developer, which recently put 200 units in Oia Residence up for sale, also said in the statement: “Union Properties has announced that the share price movement is determined by the supply and demand factors, while emphasising that the only official source of company information and disclosures in Union Properties official website and Dubai Financial Market website.”
Union Properties could not be reached to comment on the statement at the time of writing.
Earlier this year, though, Union Properties denied reports it was planning to merge with a local real estate business, after some Arabic-language media organisations cited Deyaar as a potential merger partner.
In a September missive on the issue, the developer that it was “currently not considering any merger”.