Dubai – Mubasher: Union Properties (UP) recently took a loan worth AED 1 billion from local banks to finance its new developmental projects, said chairman Khalid bin Kalban.
These projects include Oia in MotorCity, Green Community West and Dubai Investment Complex (DIC), according to a filing to the Dubai Financial Market (DFM) citing UP’s chairman.
Earlier in May, the Dubai-based developer announced commencing construction at its Oia Residences project in MotorCity at a total cost of AED 450 million.
The AED 1 billion-loan extends for a three-year period, Kalban said in the statement, adding that UP has rescheduled some of its debts and transferred them from traditional banks to Islamic ones with lower Murabaha.
UP’s shareholders recently approved a bonus share distribution of 7% for FY15.
The stock rose 1.57% to AED 0.774 on the DFM on Tuesday, after 5.53 million shares were traded at a turnover of AED 4.29 million.
