Union Properties seeks $204m to finance projects

The company is in discussion with the banks to source the required funding, according to its statement on Dubai bourse

Ahmad Al Marri, general manager for Union Properties.
Ahmad Al Marri, general manager for Union Properties.

Dubai-based developer Union Properties is currently sourcing $204m (AED750) to finance four of its projects in Dubai.

The company is in discussion with the banks to source the required funding, according to its statement on Dubai bourse.

The projects for which the firm is seeking finance includes sourcing $81m (AED300m) for Oia Residences in MotorCity in Dubailand, $19m (AED70m) for labor camps, $13.6m (AED50m) for the market expansion and $87m (AED320m) for The Link, also located in the MotorCity.

"Until the loans are secured and projects are starting, we do not anticipate any impact on the share trade," the statement read.

 

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