(MENAFN) Dubai developer Union Properties has announced on Monday the signing of its USD98 million re-financing facility with a major Dubai-based bank, according to Arabian Business.
The agreement will help the developer push ahead with its pipeline of projects.
Dr. Adnan Chilwan, CEO of the partner bank, said: "The real estate sector in the UAE has rebounded strongly on the back of the economy's core fundamentals. The current and planned infrastructure of Dubai and the UAE positions the country amongst the most attractive markets in the world for business growth and prosperity."
Union Properties General Manager Ahmed Al Marri said: "Over the past few years, Union Properties has focused on strengthening its capital position by investing in its core fundamentals and repaying its legacy debt. As we have now successfully completed all these payments, we are well placed to move forward with our new growth strategy that is backed by our positive financial performances."
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