Dubai’s Union Properties Restructuring Debt to Weather Real Estate Slump
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Union Properties PJSC is restructuring debt and trimming costs to weather a slump in Dubai’s real estate market.
“We are focusing on restructuring our balance sheet, and all our efforts will be directed to reduce our accumulated losses in the past,” Vice Chairman Fathi Ben Grira said in an interview with Bloomberg TV. The company restructured 946 million dirhams ($258 million) of debt in August.