Dubai – Mubasher: Shareholders of Union Properties (UP) are scheduled to meet today, Sunday, to discuss the company’s entrance into a refinancing Shariah-compliant seven-year contract worth AED 360 million with Dubai Islamic Bank (DIB) for the company’s properties at Up Town Mirdiff - Dubai.

During the ordinary general meeting (OGM), shareholders will also discuss and approve a guarantee in favour of DIB given to Properties Investment LLC, a 50% joint venture (JV) owned by UP, for 50% of the Murabaha facility agreement dated 2 August 2015 between the JV and DIB.

In the event of an incomplete quorum, a second OGM will be held on 11 October.

UP recently announced that it was examining several projects in the UAE, but outside the emirate of Dubai.

General manager Ahmed Khalaf Al Marri told Mubasher on the sidelines of the Cityscape Global 2015 exhibition that “UP expects returns between AED 60-70 million from the sales of the third phase in the Green Community Expansion project in Dubai Investments Park.”