Dubai developer plans $544m of projects

22 July 2015

Developments understood to be planned for the emirate

  • Union Properties did not offer any details
  • The developer obtained a AED360m refinancing facility in 2014

Dubai’s Union Properties plans to develop three projects worth $544m, according to a statement released on the Dubai stock exchange.

The company did not offer any details of the projects, but it is understood they will be developed in Dubai.

In May, MEED reported that the company announced profits for the first quarter of 2015 of just AED28m ($7.6m).

This represents an 84 per cent drop from the first quarter of 2014, when it posted a profit of AED180m.

Its share price fell 9.7 per cent on 11 May in response to the collapse in profits.

Union Properties’ profit also fell by 45 per cent in 2014 to AED865m.

The developer obtained a AED360m refinancing facility with Dubai Islamic Bank in mid-2014.

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