Union Properties said on Sunday it has entered into a Dh290 million financing agreement with Ajman Bank and RAK Bank for financing of Oia project for 6 years.

The company has also authorised the board of directors to enter into loans for 3 years, sell property of the company or the store, mortgage companies movable or immovable properties, among others, the company said in a statement posted on the Dubai Financial Market’s website.

Union Properties shares closed 0.14 per cent lower at Dh0.74.