Dubai's Union Properties agreed with creditors to reschedule AED5.5 billion ($1.5 billion) in debt, its chairman told an Arabic daily on Sunday.
The third-largest developer by market value in the Gulf emirate has been hit hard by the financial downturn heightening concerns over its debt position.
In an interview with al-Ittihad, Kahlid bin Kalban denied any talks of merger between Union Properties and Deyaar, but added an acquisition could be a solution if liquidity is available for either company.
Kalban told Reuters on Wednesday he expected the firm's fourth-quarter operating profit to be about AED200 million before taking provisions and full-year about AED450 million. (Reuters)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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