Construction

Dubai’s Union Properties signs $79m project finance deal

Ajman Bank and National Bank of Ras Al Khaimah acted as joint lead managers for the deal

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Dubai-based Union Properties has signed an AED 290 million ($79 million) project finance facility for the construction of its Oia Residence project in Dubailand, the company announced at a press conference.

Alpen Capital (ME) acted as the sole financial advisor to Union Properties for the transaction, while Ajman Bank and National Bank of Ras Al Khaimah (Rakbank) acted as joint lead managers for the deal.

Oia Residence is a mid-to-upscale gated community that comprises of a low-rise residential development. It will include 271 residential units including duplex apartments with private gardens, terraces and direct access to the swimming pools.

Khalid Bin Kalban, chairman at Union Properties commented saying: “We are pleased to sign this agreement with Ajman Bank and Rakbank to finance the Oia Residence project. This important collaboration will play a significant role in further enhancing the business model of Union Properties and driving the growth of its portfolio. We are grateful to Ajman Bank, Rakbank and Alpen Capital for their support and we look forward to a long and fruitful relationship with them.”

Mohamed Amiri, CEO of Ajman Bank also commented saying: “Ajman Bank is pleased to contribute towards the financing of Union Properties which enjoys an excellent reputation for constructing high quality Real Estate for the residents of Dubai. On this transaction, Ajman Bank has played a comprehensive role by acting as the Original Islamic Term Bank, Investment Agent for the Islamic Facility, Security Agent, Account Bank and Global Agent.”

It was reported last month that the company had awarded the main construction contract for the project to China State Construction Engineering Corporation Middle East.

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