Dubai Islamic Bank, the largest Islamic Bank in the UAE, signed an agreement with Union Properties PJSC, the property developer, to provide it with an Dhs360m re-financing facility, Al Bawaba reported. The Islamic re-financing facility from Dubai Islamic Bank (DIB) will assist Union Properties (UP) to effectively manage its balance sheet and to enhance focus on its core business / expansion plans as the developer looks to capitalize on the opportunities currently available in the real estate market. Emerging strongly from the financial crisis, the developer is moving forward with its growth plans after having repaid Dhs7bn worth of legacy bank debt. Dr. Adnan Chilwan, CEO of Dubai Islamic Bank and Ahmed Al Marri, General Manager of Union Properties signed the agreement in the presence of senior executives from both institutions at a signing ceremony held recently.
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