The restructuring at Union Properties continues with the creation of subsidiaries — one to handle all of its future retail interests and the other for hospitality. On Monday, the developer also brought out a new master plan for its biggest current project, the Dh8 billion Motor City.
According to Nasser Butti Omair Bin Yousuf, Chairman, “Guided by a new management team, master plan and projects, Union Properties is beginning a new chapter in its proud history. We have identified the creation of divisions in the mall and hotel sectors as being key drivers for the next stage that will serve to diversify our revenues while enhancing our communities.”
Union Malls will provide retail and leisure options in UP developments. Located in the heart of MotorCity, its first mall will be “The Central,” a 100,000 square metre complex spread over four floors. It will also feature a 250-metre indoor velodrome fully-equipped for cyclists and their trainers, and a 700-metre indoor elevated running track, indoor Olympic-sized swimming, and a 17,000 square foot gymnasium.
Another feature will be a museum that will enable classic car owners and manufacturers to display their collections, There will also be a centre for the sale of used and classic cars.
The other new subsidiary, Al Etihad Hotel Management, will develop and manage luxury hotels and furnished residences in Dubai. It is expected to provide services and facilities management for around 3,000 serviced apartments and 3,500 hotel rooms throughout MotorCity, before expanding its business to the rest of Dubai and elsewhere.
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