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Thu 8 Nov 2007 01:37 AM

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Union National to launch property firm

UAE bank planning to set up company to manage and finance real estate by April.

Union National Bank said on Wednesday it would set up a company to manage and finance real estate by April, with an initial investment of AED1 billion ($272.4 million).

"The company won't be restricted to the UAE and we will expand to where ever there are business opportunities," Mohamed Nasr Abdeen, Union National's chief executive officer, told reporters in Abu Dhabi.

The company would start operations by the end of the first quarter, and have a paid-up capital of 1 billion dirhams, he said. The bank would own at least 40% and its shareholders would be invited to invest in the company.

The central bank has approved the company with an authorised capital of 5 billion dirhams, Abdeen said.