Dubai-based developer Union Properties is to further diversify its operations and revenue sources by opening two new fully-owned subsidiary companies - Union Malls and Al Etihad Hotel Management.
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 100,000 square metre complex spread over four floors and featuring a 250-metre indoor velodrome, 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 square foot 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.
Al Etihad Hotel Management will 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.
Al Etihad Hotel Management launches with a pipeline of three hotel projects in MotorCity.
Nasser Butti Omair bin Yousef, chairman of Union Properties, said: “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.”
He added: “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.”
“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.”
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