Investors welcomed news that Union Properties, one of Dubai's largest developers, is moving to reduce its debt.
The company's share price jumped 4 per cent in trading yesterday after it confirmed it would pay off Dh700 million in loans.Union Properties also announced plans to bulk-sell units in two of its signature Dubai International Financial Centre projects, Index Tower, an 80-storey project designed by Foster+Partners, and Limestone House, a luxury apartment development. The company did not provide details of the volume or structure of the expected sales. The developer began handing over units in both projects this year, which helped the company to post a net profit of Dh82m in the first quarter, a 64 per cent increase from the same quarter last year.
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