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Union Properties approves unit guarantee to DIB

Union Properties approves unit guarantee to DIB
Photo Credit: Arabianeye - Reuters
DIB
DIB
0.17% 5.84 0.01
UPP
UPP
-1.21% 0.41 -0.01

Dubai-Mubasher: Union Properties (UP) said the board gave the go-ahead for the guarantee given by the company on 2 August to Dubai Islamic Bank (DIB) regarding the Murabaha facility arrangement of its subsidairy Properties Investment.

The board also apprpved inviting shareholders for a general meeting to discuss entring into AED 360 million Sharia-compliant refinancing agreement with DIB in connection to the company’s property on Uptown Mirdiff for seven years.