Dubai-based Union Properties is negotiating with a number of banks to secure a loan of DH 740 million (202 million dollars). The loan is sought for funding some of the company’s new projects according to Union Properties bourse statement issued yesterday.
The company mentioned also that is eyes borrowing 300 million dirhams (82 million dollars) for establishing a residential building, 70 million dirhams (19 million dollars) for staff accommodation project, 50 million dirhams (13.6 million dollars) for carrying out some expansions on a shopping mall, and 320 million dirhams (87 million dollars) for constructing a mixed-use project.
The company didn’t provide any further details about its new projects in the statement.
It’s worth mentioning that Union Properties had announced last year that it was in talks with banks to secure a loan of 123 million dollars to fund a residential project in Dubai which includes 271 units.
The company’s net profits last year declined reaching 434.6 million dirhams from 864.99 million in 2014. The revenues fell also by 25 percent standing at 1.46 billion dirhams last year from 2.06 billion in 2014.
Union Properties total value of assets plummeted last year from 8.49 billion to 8.29 billion depreciating by 2.4 percent.