Kalban also told Reuters that their debt was originally due in 2010 and now it is due in 2011. Furthermore, he anticipated the firm’s fourth-quarter operating revenue to be around 200 million dirhams (54.45 million USD), and a full-year income of 450 million dirhams.

Union Properties have arrears of about 6.5 billion dirham of which 700 million is payable in 2011, said Kalban. The third-largest real estate developer by market value in Dubai will center on the immediate release of units to its clients.

Earlier this year, the firm’s shares dropped 5.6%, closing at its lowest point since February. The share fall aggravated losses after Credit Suisse cut its price target on the reserve to 0.03 dirhams from 0.80 dirhams on Monday.

The bank said even if Union Properties surmounted its present liquidity insertion, there would not be much equity price left after targeting its debt contracts. In January, Union Properties stated it was contemplating marketing some of its accomplished properties to elevate liquidity and proceeds.

Khalid bin Kalban stated that the firm is closing the sale of two huge supermarkets in Dubai worth an estimated 150 million Dirhams. Kalban told Al-Arabiya some investors of Union Properties and competitor developer Deyaar had conferred a probable unification but with no result, although the discussion has not yet reached board level.