| Kippreport.com

UP open to receiving government funding, says chairman

December 26, 2009 7:24 by kippreport

Dubai-based developer Union Properties (UP) is willing to receive funding from the local government, although the company does not require financial assistance at present, a senior official told Emirates Business 24/7.

Khalid bin Kalban, UP’s chairman, said: “The Dubai Government recently initiated the exercise to understand the financial position of various real estate companies. And we too have indicated our financial position to them.”

“We have secured funding from Emirates NBD and have rescheduled our syndicated loan.

“We will be generating enough cash from next year to meet our obligations, but we are not averse to receiving any financial assistance.”

Emirates NBD owns 49 percent of UP, and the Dubai government owns 56 percent of Emirates NBD.

Tags: chairman, Dubai, Emirates NBD, funding, government, Union Properties, UP