Dubai – Mubasher: Dubai-based United Engineering Construction (UNEC) plans to raise around AED 1 billion ($272 million) in debt to finance its building work on a major shopping mall project, Reuters reported.
UNEC is raising the money through a loan arranged by Emirates NBD.
The company is building the Deira Mall in Dubai for Nakheel, with total investments of AED 6.1 billion.
Nakheel awarded a AED 4.2 billion construction contract to UNEC last April.
Construction was due to start in the third quarter of this year with completion expected in 2020.
