Deal applies to the full Dh946 million outstandings the developer has with the bank. Payment of the initial amount has also been made, as per the terms of the deal. It was on Sunday that Union Properties announced it had put together a three-year turnaround plan, and backed it up with the launch of a new project near its Dubai Autodrome destination.
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The UP share price was trading in the red early on Monday. Following the announcement, it recovered some of the lost ground. Now, armed with the debt repayment plan with Emirates NBD, it will free up UP to focus on its core interests – development.
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