Union Properties, a Dubai developer, has dealt with two banks to receive a loan worth of AED 290 million to build its Oia Residences project in Dubai’s Motor City, reported The National.

The residential project is worth AED 450 million. The company reached a resolution in its general assembly to receive financing from RAKBank and Ajman Bank.

The loan will be granted with a six year period, according to Gulf News.

Union Properties previously signed an AED 235 million construction contract assigning China State Construction to build the 269-apartment Oia Residences project.