Stock Union Properties Dubai
Union Properties brand logo at Dubai Autodrome, Dubai. The company has announced has announced that it has completed the capital increase of three of its subsidiaries - Dubai Autodrome, ServeU and The FitOut - to reach a combined amount of nearly half a billion dirhams. Image Credit: Ahmed Ramzan/ Gulf News

Dubai: Union Properties PJSC, one of the largest real estate development companies in the UAE has announced that it has completed the capital increase of three of its subsidiaries - Dubai Autodrome, ServeU and The FitOut - to reach a combined amount of nearly half a billion dirhams.

Khalifa Hasan Al Hammadi, the Chairman of the Board of Directors, stated the company had previously taken a decision to convert a number of its subsidiaries into private joint stock companies as an advance step in npreparation for their listing on the financial market.

The company said its main objective was to reveal its assets and its subsidiaries, which reflected fruitfully, as the company recently received an offer of Dh400 million to acquire a stake in the subsidiary Dubai Autodrome, which was recently disclosed.

Al Hammadi said these companies operate in vital areas capable of attracting investments or cash flows, whether through listing, acquisition or sales of shares.