Union Properties, a leading property developer in the UAE and the master developer of Dubai’s MotorCity district, has announced that the board of directors in their upcoming meeting, Today (Thursday), will discuss converting to a holding company to protect their assets, reduce risk, diversify more efficiently, and to have an effective centralized management system.

The board of directors will also discuss and approve converting certain subsidiaries, namely ServeU, The Fitout, and Dubai Autodrome into private joint stock companies, in a bid to promote optimal application of governance as well as an effective and rational corporate management system.

In another context, Union Properties announced its collaboration with China National Chemical Engineering Group Corporation (CNCEC) for a AED 200 million expansion of Dubai Autodrome. The official agreement was signed at a ceremony attended by Khalifa Al Hammadi, Vice Chairman and CEO of Union Properties, and Faisal Al Sahlawi, General Manager of Dubai Autodrome, located within the MotorCity district. 

The new developments will include a Welcome Center, Driver Experience Center, Business Center, Grade A outdoor and indoor kart circuit, karting cars, UTV Course, Rallycross Circuit, 4x4 Circuit and new retail and F&B offerings, among several other auxiliaries related to the project.

Commenting on the partnership, Al Hammadi said: “We are proud to be collaborating with CNCEC for this strategic expansion project that will see important re-developments to one of Dubai’s most iconic destinations.

“Our goal has always been to develop and promote UAE motor racing locally and to the world, and these enhancements will see the Dubai Autodrome taken to the next level.”

The Dubai Autodrome, a 5.39-kilometre FIA-certified track which opened in October 2004, is the UAE’s first fully integrated multipurpose motorsport and entertainment facility and one of MotorCity’s landmarks. It has hosted world-class racing, including the FIA GT Championship, European Touring Car Championship, A1 GP, GP2 Asia, Lamborghini Super Trofeo ME, MRF Challenge, Porsche GT3 Cup Challenge ME, the Radical Middle East Cup and the Hankook 24H Dubai Endurance Race.

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.