UP gearing up to launch $7bn of projects

original source Reuters

Dubai-listed Union Properties plans to launch 25 billion dirhams ($6.81 billion) of new projects soon, after boosting its land bank in partnership with the Dubai government, its chief financial officer said.

Zaid Ghoul told Al-Khaleej newspaper that Dubai's second largest developer by market value was planning to develop 15 million feet in a joint venture with the Dubai government.

The firm was also expecting to add another 35 million feet to its land portfolio, he said.
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Union Properties told newswire Reuters last week it planned to borrow $1 billion by the end of the year to help finance projects and was seeking to raise its foreign ownership limit to 30 percent.

The firm's second-quarter net profit surged 106 percent to 317.7 million dirhams, beating analysts' forecasts.

Ghoul told Reuters in June that the company was hoping to add 40-60 million square feet to its land bank.

Shares of Union Properties, down almost 15 percent this month to Sunday's close, were up 0.66 percent at 0635 GMT. (Reuters)