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FinancialNews


  • 27-10-20

    Union Properties to pay back substantial loan

    (MENAFN) Union Properties, Dubai's developer, released on Monday, 26th of October, that AED70 million (USD19 million) payment has been successfully made to its biggest lender.

    This installment is a part of an all inclusive debt restructuring plan that was publicized back in August, with the goal of helping the firm's cash-flow recover and reinstate its strong position with the banking division.

    Khalifa Hassan Al Hammadi, the chairman of the company, stated that: "Union Properties is a strong group with a large asset base and fantastic operations. Despite challenging market conditions, we are honouring our financial commitments and guaranteeing our ability and willingness to pay the company's debt on time and without any delay."

    "This achievement adds to a series of great and impressive results recently announced and we are fully dedicated to keep going forward with this positive momentum," he added.

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