 |
| Source: Union Properties website. |
"Given the current scenario, quality names like Union Properties are uniquely positioned to capitalise on the opportunities that Dubai and UAE represent, and DIB with its rich heritage, expertise and highly liquid balance sheet, is the ideal partner for such strategic names.”
Real estate transactions in the UAE have grown at a rapid pace since 2012, with the volume of deals in Dubai increasing by about 50% over the past year – excluding remortgages and donations – according to Dubai’s Real Estate Regulatory Agency. Standards & Poor’s suggests that prices in the sector will continue to remain stable and will be backed by the strong macroeconomic growth in the UAE, the DIB noted.
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. As a result, we are proud to partner with the leading Islamic bank in the country, and this new financing arrangement with DIB represents a fresh start for the company.”
Naveed Ali, Chief of Corporate Banking at Dubai Islamic Bank said: “We have been a critical player, leading and participating in many key deals this year, and our arrangement with Union Properties is another promising addition to our finance book. It is part of our strategy of strengthening our balance sheet by selectively conducting business with major players in the commercial real estate market. Given UP’s strong financial performance this year, the repayment of all previous debt, as well as the growth in the real estate sector, we believe this deal to be another successful step in establishing a sustainable trend in the real estate sector.”
The bank has been involved in a number of landmark international and domestic corporate finance deals over the past year, including a US$750 million sukuk tranche for the Dubai Department of Finance.
Real estate transactions in the UAE have grown at a rapid pace since 2012, with the volume of deals in Dubai increasing by about 50% over the past year – excluding remortgages and donations – according to Dubai’s Real Estate Regulatory Agency. Standards & Poor’s suggests that prices in the sector will continue to remain stable and will be backed by the strong macroeconomic growth in the UAE, the DIB noted.
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. As a result, we are proud to partner with the leading Islamic bank in the country, and this new financing arrangement with DIB represents a fresh start for the company.”
Naveed Ali, Chief of Corporate Banking at Dubai Islamic Bank said: “We have been a critical player, leading and participating in many key deals this year, and our arrangement with Union Properties is another promising addition to our finance book. It is part of our strategy of strengthening our balance sheet by selectively conducting business with major players in the commercial real estate market. Given UP’s strong financial performance this year, the repayment of all previous debt, as well as the growth in the real estate sector, we believe this deal to be another successful step in establishing a sustainable trend in the real estate sector.”
The bank has been involved in a number of landmark international and domestic corporate finance deals over the past year, including a US$750 million sukuk tranche for the Dubai Department of Finance.