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|04 July, 2018

Union Properties to issue $136mln sukuk

The board authorised the executive administration to complete regulatory procedures for the potential Islamic bond issue

Traders monitor stocks from the trading floor at the Doha Securities Market building in Doha October 19, 2008. Image used for illustrative purpose

Traders monitor stocks from the trading floor at the Doha Securities Market building in Doha October 19, 2008. Image used for illustrative purpose

REUTERS/Fadi Al-Assaad

Dubai –  The UAE-based Union Properties’ (UPP) on Wednesday announced that the board of directors had approved an AED 500 million sukuk issuance during a meeting held the previous day.

The board authorised the executive administration to complete regulatory procedures for the potential Islamic bond issue, according to a statement to the Dubai Financial Market (DFM).

The board also approved to elect Ahmed Yousef Khouri as the firm’s managing director.

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UPP last reported a posted a 324% profit increase to AED 180 million in the first three months of 2018, compared to AED 42.5 million during Q1-17.

Source: Mubasher

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