Union Properties will table at its next board meeting a proposal to buy back shares from the market as a means to boost its stock price, its chief executive said yesterday.

The developer of MotorCity will also announce "in coming days" a land deal to acquire 50 million sq ft in a joint venture with the Dubai Government. "We would consider the option of buying back our shares and we will raise the issue at the next board meeting," Simon E Azzam told Emirates Business on the sidelines of Cityscape Dubai.

In August, the company said it planned to acquire land in Dubai and was in talks with the government on the issue. "We are working on the deal and we will announce it when we finalise it. But it is certainly for 50 million sq ft," Azzam said. He said this land is not on the waterfront.

Last year, Emaar Properties abandoned a proposed land-for-shares swap agreement with Dubai Holding and announced in October a joint venture with Bawadi, a member of Tatweer, to develop 70 million sq ft of land in Bawadi in Dubailand.

According to Azzam, Union Properties plans to raise up to Dh3 billion in financing and is for the first time considering the sukuk option.