Page 56 - UP PR REPORT - February 2025
P. 56
Dubai real estate: Union Properties
reduces legacy debt and secures new
funding
Debt down from $400 million in FY2022 to $156.5 million
in
FY2024; Company says it will announce two new projects
soon
Union Properties achieved impressive results in Q3 2024, reporting a notable profit of
AED 53 million
Union Properties’ road to recovery reached a new milestone in Dubai when it
announced that its legacy debt has reduced to AED575m ($156.5m) as of the end of
December 2024, nearly 60 per cent down from AED1.47bn ($400m) in Financial Year
2022.
The Dubai-based real estate company is targeting a further reduction to AED150m
($40.85m) by the end of first quarter of 2025.
The growing trust among the banks has helped the company reduce the margin on the
3M EIBOR from 3.25 per cent to 2.75 per cent, and it was also able to secure additional
bank loans of AED150m ($40.85m) to fund new investments.
Dubai’s Union Properties debt
https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-union-properties-
reduces-legacy-debt-and-secures-new-funding
