Dubai – Mubasher: Union Properties (UP) said its shareholders will convene on Sunday, 4 October, to discuss entering into Shariah-compliant financing arrangements worth AED 360 million with Dubai Islamic Bank (DIB) related to the company’s Uptown Mirdiff – Dubai properties for a seven-year period, according to a bourse filing on Monday.

Shareholders will also discuss and approve a guarantee in favour of DIB given to Properties Investment LLC, a 50% joint venture 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 meeting 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 last week 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 (DIP).”