Dubai’s Union Properties settles $188m bank debt

Dubai’s Union Properties settles $188m bank debt

Dubai developer Union Properties has repaid debts worth up to AED875 million ($187.6 million) to a “national bank”, according to a bourse filing, as efforts to restructure the company continue. Union Properties, best known for its Motor City development in the emirate, announced the debt payment following a board meeting on Thursday and said the […]

AED875m repaid

Returned to profit in 2022

Dispute over Motor City

Dubai developer Union Properties has repaid debts worth up to AED875 million ($187.6 million) to a “national bank”, according to a bourse filing, as efforts to restructure the company continue.

Union Properties, best known for its Motor City development in the emirate, announced the debt payment following a board meeting on Thursday and said the settlement would be made in four instalments over nine months.

The note on Dubai Financial Market added that the company had partnered with “a major real estate developer” in Dubai “to obtain approvals to increase the gross floor area and change the use of some land owned by the company and its subsidiaries located in the Motor City”.

Dubai’s Union Properties reports $5m profit for Q3

Union Properties considers selling Dubai Autodrome

Dubai’s Union Properties returns to profit after restructuring

Union Properties transformed a AED966 million net loss