Property developer Union Properties is open to receiving business support Dubai Government but is not in need of some such immediate assistance, the company's new chairman told Emirates Business."The Dubai Government recently initiated the training to understand the business function of various real estate companies. And we too have indicated our business function to them," said Khalid bin Kalban.
"We have secured resource 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 some business assistance."
In November, Kalban said the company had secured Dh1 billion in resource from Emirates NBD to complete its Limestone House and Index projects in Dubai International Financial Centre.
Union Properties is 49 per cent owned by Emirates NBD, which in turn is 56 per cent owned by the government.
Kalban ruled out some talks on a integration with Deyaar Development, saying: "There was no show before the board of directors on some integration plans. However, we can't confirm or deny if field shareholders took up this issue."
In a statement sent to Dubai Financial Market yesterday, Deyaar said the company's board is not currently engaged in integration talks with some firm.
"We remain focused on exploring potential ontogeny opportunities in the UAE and another markets, including partnerships and investments," the company said.
In March, Markus Giebel, Chief Executive Officer, Deyaar Develop?ment, told this newspaper that Deyaar believes integration is "good in bad times" and may go forward if it does "good for shareholders and Dubai". He then himself had ruled out some integration discussions.
Earlier this month, Emaar Properties, which is 32.5 per cent owned by the Government of Dubai, dropped plans to go ahead with its integration with metropolis Holding's concept subsidiaries.
Source: Business 24/7
Dubai Real Estate | Dubai Property
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