Dubai-based real estate developer Union Properties has secured AED 150 million ($40.84 million) in financing to support new projects over the next 18 months. The company disclosed the funding in a statement on the Dubai Financial Market (DFM) but did not name the local bank providing the loan. The financing aligns with the company’s long-term growth strategy and ongoing expansion efforts in Dubai’s real estate sector.
The company expects the new developments to generate approximately AED 40 million in annual recurring income. Union Properties also retains a land bank of nearly 10 million square feet of gross floor area (GFA) within its existing portfolio, ensuring capacity for future projects. This move reflects the company’s confidence in Dubai’s real estate market, which continues to experience strong investor demand.
As part of its growth strategy, Union Properties plans to launch two mixed-use projects in Dubai, though details have not yet been disclosed. These developments align with the city’s increasing demand for residential and commercial properties, supporting broader urban expansion initiatives.
This financing follows the announcement of the AED 2 billion ‘Takaya’ project in October 2024, a key addition to the Motor City master development. The project underscores Union Properties’ commitment to high-quality real estate projects in Dubai, leveraging Motor City’s well-developed infrastructure and strategic location.
With this latest funding, Union Properties aims to strengthen its position in Dubai’s competitive real estate sector. The city continues to attract substantial investment, driven by a strong economy and demand for both residential and commercial properties. By capitalizing on these market conditions, the company seeks to enhance its presence and expand its development portfolio.
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By Proptechbuzz
By Ravi Kumar
