{"id":88928,"date":"2024-02-12T00:00:00","date_gmt":"2024-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/"},"modified":"2024-02-12T00:00:00","modified_gmt":"2024-02-12T00:00:00","slug":"union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/","title":{"rendered":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD"},"content":{"rendered":"

Motor City developer <\/strong>Union Properties<\/a><\/strong> has reached settlement agreements with <\/strong>Dubailand and Emirates NBD<\/strong> to settle its debt and repurpose some of its Motor City land for new projects.<\/p>\n

#1- The developer secured a no-objection certificate from Dubailand<\/strong>, granting it the right to repurpose its land in Motor City in exchange for a payment of AED 400 mn paid in installments over three years, according to a DFM disclosure (pdf)<\/a>. The developer will now apply for a change of usage permit from the zoning authority to develop additional residential zones and expand its gross floor area in the city, the developer said. <\/p>\n

Making use of the long-deserted F1 park land:<\/strong> Union Properties had plans to develop a USD 460 mn Formula One racing theme park, but scrapped the plan in 2009. It later had plans to revive the project in 2016, but a string of losses and legal disputes<\/a>, as well as a deluge of park developments across Dubai, stalled the project. <\/p>\n

SOUND SMART- A no-objection certificate is a bureaucratic greenlight that allows <\/strong>companies and developers to move forward with projects <\/strong>on the terms they have communicated. <\/p>\n

Refresher: <\/strong>Union Properties had filed a real estate claim against Dubailand in April, claiming that the developer declined to issue NOCs for the developer\u2019s projects in Motor City without any contractual basis, Gulf News<\/a> previously reported. <\/p>\n

#2- The developer also reached a debt settlement agreement with <\/strong>Emirates NBD<\/a><\/strong> that will <\/strong>see it pay AED 850 mn within nine months of signing the agreement<\/strong>,the disclosure adds. The company was in talks with Emirates NBD in March<\/a> to restructure its debt, after it turned to the black in 2022, compared with AED 966 mn in losses in 2021.It later said in December (pdf)<\/a> that it plans to pay a \u201cnational bank\u201d somewhere between AED 825-875 mn over nine months. <\/p>\n

Background: <\/strong>Union Properties is among several real estate developers still sifting through the aftermath of the 2009 property market correction in Dubai. The company has owed Emirates NBD USD 2 bn in debt repayments for years, and has since closed a USD 257.5 mn debt restructuring agreement back in August 2020<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The developer will repurpose land initially slated for a Formula One racing park into new residential areas<\/p>\n","protected":false},"author":1,"featured_media":88929,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1625],"tags":[68,833,87,260,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-debt-watch","tag-dispute-watch","tag-dubai","tag-emirates-nbd","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"fa6bce34-6587-4884-962e-4e7462ca4dae","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/892.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD","related_issue":[88920],"teaser":"The developer will repurpose land initially slated for a Formula One racing park into new residential areas","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.14b19709-e5b1-4ab9-933d-79607338687d.mp3"},"yoast_head":"\nUnion Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD\" \/>\n<meta property=\"og:description\" content=\"The developer will repurpose land initially slated for a Formula One racing park into new residential areas\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-12T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD\",\"datePublished\":\"2024-02-12T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\"},\"wordCount\":357,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1\",\"keywords\":[\"DEBT WATCH\",\"dispute watch\",\"Dubai\",\"Emirates NBD\",\"EnterpriseAM UAE\",\"Real estate\"],\"articleSection\":[\"DISPUTE WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\",\"name\":\"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-02-12T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/","og_locale":"en_US","og_type":"article","og_title":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD","og_description":"The developer will repurpose land initially slated for a Formula One racing park into new residential areas","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/","og_site_name":"UAE","article_published_time":"2024-02-12T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD","datePublished":"2024-02-12T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/"},"wordCount":357,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1","keywords":["DEBT WATCH","dispute watch","Dubai","Emirates NBD","EnterpriseAM UAE","Real estate"],"articleSection":["DISPUTE WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/","name":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1","datePublished":"2024-02-12T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/union-properties-reaches-aed-1-2-bn-settlement-agreements-with-dubailand-emirates-nbd\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/892.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/88928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=88928"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/88928\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/88920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/88929"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=88928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=88928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=88928"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=88928"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=88928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}