14/09/2017 20:01 AST
Dubai-based Union Properties has announced plans to 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-sq-m complex spread over four floors offering shopping retail, dining and a wide range of leisure options.
Its other unit, 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.
Announcing the news at Cityscape Global, chairman Nasser Butti Omair bin Yousef, 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 noted.
Bin Yousef pointed out that for the last 30 years, Union Properties had put livability at the heart of its communities.
Its debut mall, The Central will be characterised by its sports offering and will feature a 250-m indoor velodrome fully-equipped for cyclist and their trainers, a 700-m indoor elevated running track, indoor Olympic-sized swimming, a diving centre, six indoor basketball courts, medical suites for sports therapy, and a 17,000-sq-ft 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.
"The opening of our new mall 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," remarked Bin Yousef.
"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," he stated.
On its hotel mangement unit, Bin Yousef said: "Al Etihad Hotel Management launches with a pipeline of three hotel projects in MotorCity. The 25-level, five-star Vertex Hotel will be part of the 85-storey, 300-m high-rise at the heart of the wider Vertex complex, which also includes 1,000 serviced apartments spread over 45 levels and crowned with the highest helipad in the UAE. Occupants will enjoy a wide range of leisure facilities, including tropical landscaped platforms from level 52 to 55."
The 35-storey, sports four-star Central Hotel will be located directly opposite the mall via a pedestrian bridge. It will comprise 350 rooms topped by 18 levels of serviced apartments. The third hotel project, currently unnamed, comprises around 270 serviced apartments of differing sizes, he added.
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