Union Properties

Union Properties (UP), one of the United Arab Emirates' leading property investment developers, started as Union Property Private Limited in 1987 and floated as a public limited company in 1993.

The Dubai based real estate developer is charged with building F1 theme parks around the globe. It is building the USD 360 million Motor City project in the emirate, which will include an autodrome and residential units, while it secured the rights to develop F1 theme parks around the world in November 2006. The developer has said that it expects full-year profit to rise at least 24% and plans to raise USD 1 billion in debt for its projects this year growth that could move UP even closer to the start of the grid in 2009.