Complex Made Simple

Union Properties repays $191m of debt

Dubai-based developer Union Properties has paid back Dhs700m ($191m) in debt after the sales of the Ritz Carlton Hotel Dubai for Dhs1.1bn, The National has reported. The company said last month it is has Dhs6.4bn of debt, with Dh2bn due for repayment in the next year. "What it does is clear the way in terms of liquidity, but this is still going to be low-growth business," Chet Riley, an analyst with Nomura Securities said. "All their exposure is still in Dubai."