Dubai-based developer Union Properties is set to further diversify its operations and revenue sources by opening two new fully-owned subsidiary companies – Union Malls and Al Etihad Hotel Management.
Announcing the news at Cityscape Global 2017, Nasser Butti Omair bin Yousef, chairman, Union Properties, says, “Guided by a new management team, masterplan 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 of Union Properties’ success that will serve to diversify our revenues while enhancing our communities.”
Union Malls will provide retail and leisure options in Union Properties developments. Located in the heart of MotorCity, its inaugural mall will be ‘The Central’, a 1.07 million-sqft complex spread over four floors offering shopping retail, dining and a wide range of leisure options.
The Central will be characterised by its sports offering and will feature a 250-metre indoor velodrome fully-equipped for cyclist and their trainers, a 700-metre indoor elevated running track, indoor Olympic-sized swimming, a diving centre, six indoor basketball courts, medical suites for sports therapy and a 17,000 sqft gymnasium.
In keeping with its location in MotorCity, the automobile will be the other defining characteristic of The Central. A museum will enable classic car owners and manufacturers to display their collections, while there will also be a centre for the sale of used and classic cars.
“For 30 years, Union Properties has put liveability at the heart of our communities. The opening of our new Union Malls subsidiary is the natural extension of this commitment that will enable us to create fantastic new shopping and leisure destinations in key developments like MotorCity. With a uniquely broad offering that combines retail and dining with sports and automobiles, The Central will not only be a great new asset for community residents but also for people across the whole emirate of Dubai,” adds Yousef.
Al Etihad Hotel Management is a fully-owned subsidiary of Union Properties set up to develop and manage luxury hotels and furnished residences in Dubai. It is expected to provide hospitality services and facilities management for approximately 3,000 serviced apartments and 3,500 hotel rooms throughout MotorCity, before expanding its business to the rest of Dubai and beyond.
“Dubai is one of the world’s most dynamic travel and tourism destinations, with Union Properties well placed to serve the increasing levels of demand anticipated over the coming years. Al Etihad Hotel Management will give us access to this important market and add new infrastructure to our communities,” Yousef states.