In Dubai, Union Properties PJSC, a listed developer, declared a significant development on Friday regarding its restructuring efforts to address ‘legacy debt’. The company has successfully reached a settlement with EmiratesNBD and Dubailand amounting to Dh1.25 billion.
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As part of the agreement with Dubai’s largest bank, Union Properties will make installment payments totaling Dh850 million to Emirates NBD over nine months from the agreement’s execution date.
After extensive negotiations, Union Properties has made substantial progress by also securing a settlement with Dubailand, amounting to Dh400 million.
