Sunday, Jan 22, 2012
DUBAI (Zawya Dow Jones)--Dubai-based real estate company Union Properties (UPP.DFM) said Sunday its has accepted the resignation of its general manager, Khalid Al Jarwan, and appointed Ahmad Khalaf Al Marri as acting general manager.
The appointment of Al Marri will take effect from Jan. 22, 2012, Union Properties said in a statement posted on the Dubai Financial Market Web site.
Union Properties is one of a number of Dubai developers that ran into financial trouble after being hit hard by the fallout from the global financial crisis, which saw housing prices in Dubai slump and a property bubble burst.
Last week the company's shares soared after it confirmed it struck a deal with Emirates NBD, its major shareholder, regarding 3.8 billion U.A.E. dirhams ($1.03 billion) in debt involving the transfer of property assets worth AED1.1 billion to the bank, which owns 47.6% of the developer. Emirates NBD also agreed to postpone payment of the remaining AED2.7 billion for another 5 years, with Union Properties assets as collateral.
Union Properties shares closed down 1.9% at AED0.26 Thursday.
-By Tahani Karrar-Lewsley, Dow Jones Newswires, +9714 446 1698 tahani.karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-01-12 0531GMT
DUBAI (Zawya Dow Jones)--Dubai-based real estate company Union Properties (UPP.DFM) said Sunday its has accepted the resignation of its general manager, Khalid Al Jarwan, and appointed Ahmad Khalaf Al Marri as acting general manager.
The appointment of Al Marri will take effect from Jan. 22, 2012, Union Properties said in a statement posted on the Dubai Financial Market Web site.
Union Properties is one of a number of Dubai developers that ran into financial trouble after being hit hard by the fallout from the global financial crisis, which saw housing prices in Dubai slump and a property bubble burst.
Last week the company's shares soared after it confirmed it struck a deal with Emirates NBD, its major shareholder, regarding 3.8 billion U.A.E. dirhams ($1.03 billion) in debt involving the transfer of property assets worth AED1.1 billion to the bank, which owns 47.6% of the developer. Emirates NBD also agreed to postpone payment of the remaining AED2.7 billion for another 5 years, with Union Properties assets as collateral.
Union Properties shares closed down 1.9% at AED0.26 Thursday.
-By Tahani Karrar-Lewsley, Dow Jones Newswires, +9714 446 1698 tahani.karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-01-12 0531GMT
