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    Saudi Central Bank Launches Instant Payment System Sarie

    Saudi Central Bank Launches Instant Payment System Sarie

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

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    Saudi Central Bank Launches Instant Payment System Sarie

    Saudi Central Bank Launches Instant Payment System Sarie

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

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    Commercial Bank Launches New Payment Feature Through Wearables

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    Kenanga Investment Bank Acquires i-VCAP Management

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    Qatar Islamic Bank Brings New H2H Payment Management Solutions for Corporate Customers

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    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

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    Howden and Steadfast Join Hands to Launch Australian Broking Operation

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    BeGroup & VPBank Join Hands to Launch New E-Banking Solution

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    Papua New Guinea with $250 Million COVID-19 Loan ADB Supports

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    PayNow Collaborates with Three E-Wallet Companies for Seamless Fund Transfer

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    Kuwait-based Agility Invests $35 Million in Queen’s Gambit Growth Capital

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    Siemens Healthineers Collaborates with British Hospital Operator in $169 Million Deal

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    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

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    Tower Capital Asia Raises $250 Million on First Closing on Southeast Asian Fund

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    China Economy Rises 2.3% in 2020 From Coronavirus Gains

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    KKR & Co Closes Asian-Pacific Infrastructure Fund at US$3.9 Billion

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    MLL Telecom to Provide Broadband to The Kemnal Academics Trust

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    Facebook News Launches in the U.K. With New Local and National Partnerships

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    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

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    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

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    Nokia Bags 5G Contract from Proximus Luxembourg

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    Cisco Acquires Two European Companies to Boost User Engagement

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    Amazon Launches IP Accelerator for SMBs Across Europe

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    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

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    EU Council Appropriates Set of Conclusions on Future EU Intellectual Property Policy

  • Insurance
    Insurtech Igloo Joins Hands with Surety Broker Philinsure

    Insurtech Igloo Joins Hands with Surety Broker Philinsure

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    Apax Partners Acquires PIB Group from Carlyle Group Ownership

    QIIG and SAP Partner up on Digital Transformation Deal

    QIIG and SAP Partner up on Digital Transformation Deal

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    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

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    Prudential Vietnam and SeABank Extend Bancassurance Partnership

    French Insurer AXA Sells Gulf Business for $269 Million

    French Insurer AXA Sells Gulf Business for $269 Million

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    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

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    Beazley Launches Specialized Commercial Insurance Solutions in Latin America

    Pacific Prime Singapore Joins WBN as Latest Member for Asia Pacific Region

    Pacific Prime Singapore Joins WBN as Latest Member for Asia Pacific Region

  • Energy
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    Japanese Energy Firm Mitsubishi to Provide Wind Power to Amazon’s European Facilities

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    UAE Institutions Join World Logistics Passport to Foster Trade Growth

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    PT PJBI and Masdar Establish Joint Venture for First Indonesian Floating Solar Power Plant

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    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

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    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

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    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

  • Real Estate
    Aegon AM Launches U.K. Real Estate Fund for DC Pension Investors

    Aegon AM Launches U.K. Real Estate Fund for DC Pension Investors

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    What Brexit Means for Property Market: Key Issues in 2021

    What Brexit Means for Property Market: Key Issues in 2021

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

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Home Real Estate

Union Properties Looks for Other Avenues, in Talks with Banks

The debt rescheduling will help expand from real estate while cutting costs substantially

The Global Economics by The Global Economics
August 21, 2020
in Real Estate, The Global Economics, Top Stories
Reading Time: 2min read
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Union Properties Looks for Other Avenues, in Talks with Banks

Union Properties Looks for Other Avenues, in Talks with Banks

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Union Properties are ready to invest in distressed assets in multiple sectors like hospitality, healthcare, and education, according to chairman Khalifa Hasan Al Hammadi.

Apart from being in talks with several banks for financing, Union Properties is keen on exploring certain good assets across UAE, said Al Hammadi. The diversification will be around different fields with no limit in acquisition as long as they come with discounted prices, he added.

Many distressed assets are available in the market, and the prospect will be enabling Union Properties to expand from mere constructions.

In a statement, Vice Chairman at Union Properties, Fathi Ben Grira said that with new repayment terms like the Dh946 million, UP Group will able to renegotiate terms- both on the payment and tenor areas- with their biggest lender- Emirates NBD.

The deal with Emirates NBD has helped the property developer to reduce its losses by 68%- at Dh38.56 million from the first quarter, while expenses added up to Dh58 million from Dh76 million in the first three months of this year.

The Dubai-listed firm is hopeful of picking up pace after the coronavirus pandemic, at the beginning of 2021.

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