Union Properties Offers AED 290m Loan for Motor City Project

Union Properties is to launch AED 450m Oia Resi­dences project in Motor City, Dubai.

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A leading developer of Dubai, Union Properties, has come to an agreement with two banks, RAKBank and Ajman Bank, on an AED 290m loan for building its prestigious, AED 450m Oia Resi­dences project in Motor City. At a company general assembly meeting held on Thursday, shareholders have voted to approve the six-year loan, says the company. The company also voted to change its articles of association for authorising its directors to burst into loans over three years.

Union Properties has signed an AED 235m construction contract in May to appoint China State Construction Engineering’s Middle East wing to build the 269-apartment Oia Residences project. In the meanwhile, company’s Greek-inspired complex, planned by AK Design, is expected to be finished by the end of next year. Union Property shares persist unaltered, falling 0.1 percent in trading to stand at 73 fills.