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Tue 2 Feb 2016 03:11 PM

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Dubai developer says in talks with banks to borrow $202m

Union Properties says hopes to fund residential building, staff accommodation, mall and mixed-use project

Dubai developer says in talks with banks to borrow $202m

Dubai's Union Properties is in talks with banks to borrow about 740 million dirhams ($202 million) to help fund some of its projects, the developer said in a bourse statement on Tuesday.

The company hopes to borrow 300 million dirhams for a residential building, 70 million dirhams for staff accommodation, 50 million dirhams to expand a shopping mall and 320 million dirhams for a mixed-use retail and hospitality project, it said without providing further details.

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