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Dubai’s Union Properties secures $41mln local funding for new projects Union Properties has secured new funding of 150 million UAE dirhams ($40.84 million) to support the development of new projects planned in the coming 18 months. The new loan was arranged from a local bank, the developer said in a statement published on the Dubai Financial Market on Wednesday. The name of the bank wasnt disclosed. These investments will likely generate an annual recurring income of nearly AED 40 million, the statement said. The company has retained a land bank with almost 10 million square feet of gross floor area (GFA) from its current portfolio for development. Two new mixed-use projects will be launched soon, the statement said but didnt disclose details. In October 2024, Union Properties had launched an AED 2 billion mixed-use ‘Takaya’ project in Motor City master development. |
