The board of Dubai-based developer Union Properties has approved plans to issue a AED500 million ($136 million) sukuk.
In a statement posted on the Dubai Financial Market website, the company said the board has directed the executive management team to complete the necessary procedures for the issuance.
The statement did not say what Union Properties intended to do with the funds raised by the sukuk or a date for its issuance.
The board, which met on Tuesday, also approved the election of Ahmed Yousef Khouri as the company's managing director and at the same time accepted his resignation from the role of CEO.
Khouri was appointed CEO a year ago and was the company's first chief executive officer since 2009.
In April, Union Properties announced the launch of Zawaya, a new mixed-use development in Dubai's Motor City.
Union Properties said it will be initiating the first phase of its new AED8 billion ($2.1 billion) masterplan for Motor City that was revealed recently.
China State Construction Engineering Corporation (CSCEC) has been hired to carry out the excavation work under the agreement.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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