From Dubai to double land ownership
DUBAI Property - List of properties Union is in talks with the government in a joint venture will be announced shortly and is expected to double the size of the establishments in Dubai in the next two years.
Chief Financial Officer (CFO) Zaid Ghoul said Reuters Global Real Estate Summit that the company expects a profit of over 800 million dirhams ($ 217.8 million) this year, and more than 3 million dirhams in 2009, as their projects on the Internet.
The promoter, which is 48 percent owned unit NBD Emirates Emirates Bank International, had a profit of 684 million dirhams in 2007.
“We are very well with the added value of companies in Dubai property… because we are a company that deals with the government,” he said. Ghoul has refused to provide information on the matter, but said: “We are in the area is too early ….”
The company currently has 55 million square meters of land, plans to add 40-60 million square feet of its territory Bank.
Ghoul said that the company is looking to borrow 4 billion dirhams in three to five years’ funding, and negotiations with local authorities and international banks.
He said that the Union Properties to borrow at least 2.5 million dirhams, and this year an additional amount of 1.5 billion dirhams, which this year or the other depending on banks’ recommendations.
Asked if they consider Islam obligations, Ghoul said he was open to both conventional and Islamic bond.
European Union to households with a credit from 2010, when it is 1 billion dirhams a year benefited from a river back to the exclusion of companies from the sale of real estate.
Ghoul said the company in developing its draft leisure facilities in Oman and also studied in Mauritius.