Dubai – Mubasher: The UAE-based Union Properties’ (UPP) on Wednesday announced that the board of directors had approved an AED 500 million sukuk issuance during a meeting held the previous day.

The board authorised the executive administration to complete regulatory procedures for the potential Islamic bond issue, according to a statement to the Dubai Financial Market (DFM).

The board also approved to elect Ahmed Yousef Khouri as the firm’s managing director. 

UPP last reported a posted a 324% profit increase to AED 180 million in the first three months of 2018, compared to AED 42.5 million during Q1-17.