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FINANCIAL NEWS
Dubai-based UNEC aims to raise USD272mn loan
07 Sep 2017
(MENAFN) Dubai-based United Engineering Construction (UNEC) aims to raise USD272mn in debt in order to finance its building work on a major shopping mall project.
Furthermore, the firm is building the Deira Mall in Dubai for United Arab Emirates property developer Nakheel, a project which will involve total investment of 6.1bn dirhams.
Currently, the company is raising the money amid a loan arranged by Emirates NBD, while the UAE’s loan market has been slowed by low oil prices.
In addition, Nakheel awarded a 4.2bn dirham construction deal to UNEC last April, whereas building was due to start in the third quarter of the year.
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MENAFN0709201700450000ID1095828993
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