Product development (Real Estate)
Introduction
Union Properties (UP) is a real estate development company based in Dubai, United Arab Emirates. The company is known as a master developer of both The Index skyscraper and Dubai Motor City. Union Properties is a public limited company in the Dubai financial market. The company also provides a number of services through its subsidiaries in the UAE, including leisure and destination development, integrated facilities management and services, homeowner association management, interior project fit-out, as well as heating, ventilation and air conditioning (HVAC). manufacturing of accessories.
Subsidiary companies also include Dubai Autodrome and Marriott Executive Apartments and Courtyard by Marriott").[1].
Union Properties was founded in 1987 as Union Property Private Limited[2] and became a public limited company in 1993 when it was incorporated into the Dubai financial market.[1][3].
Subsidiaries
Union Properties also invested another part in the purchase of a strategic stake in Palm Hills Company in Egypt according to the company's financial data for the year 2019 and these returns contributed to the restoration of the company's cash flow stability and contribute to revitalizing and focusing on the company. other businesses, in addition to improving the financial position of the company and allowing it to complete its other important businesses.[4][5][6][7][8][9].
Board of Directors
The president is Mr. Khalifa Hasan Ali Saleh Al Hammadi, and the vice president is Mr. Fathi Ben Abdul Sattar Ben Grira.[12].
The board members are:
Sale of Emcool assets
On January 21, 2018, Union Properties announced that it had sold to Dubai Investment, the multi-investment company, listed on the Dubai Financial Market, its 50% stake in « Emirates District Cooling LLC » “EMICOOL” for Dh500 million.[22][23] Following this acquisition, Dubai Investments will acquire all shares of EMICOOL 100%. The proceeds of the sale contributed to the improvement of Union Properties' activities and the restructuring of some debts derived from the company.[24][25][26].
Union Properties also invested another part in the purchase of a strategic stake in Palm Hills Company in Egypt according to the company's financial data for the year 2019 and these returns contributed to the restoration of the company's cash flow stability and contribute to revitalizing and focusing on the company. other businesses, in addition to improving the financial position of the company and allowing it to complete its other important businesses.[4][5][6][7][8][9].
References
- [1] ↑ a b «Union Properties PJSC». Dubai Financial Market.: https://www.dfm.ae/issuers/listed-securities/securities/company-profile-page?id=UPP
- [2] ↑ «Union Properties». Arabian Business.: https://www.arabianbusiness.com/companies/union-properties-66442.html
- [3] ↑ «Union Properties PJSC». City Scape Online.: https://www.cityscapeonline.com/exhibitor/union-properties-pjsc
- [4] ↑ a b «UAE's Union Properties buys 5.68% stake in Egypt's Palm Hills». www.zawya.com (en inglés). Consultado el 10 de mayo de 2020.: https://www.zawya.com/mena/en/business/story/UAEs_Union_Properties_buys_568_stake_in_Egypts_Palm_Hills-ZAWYA20180110101532
- [5] ↑ a b «Emirati company acquires 5.7% stake in Palm Hills». EgyptToday. Consultado el 10 de mayo de 2020.: http://www.egypttoday.com/Article/3/39750/Emirati-company-acquires-5-7-stake-in-Palm-Hills
- [6] ↑ a b Thomas, Aby Sam (16 de agosto de 2018). «Follow The Leader: Ahmed Khouri, Managing Director, Union Properties». Entrepreneur (en inglés). Consultado el 10 de mayo de 2020.: https://www.entrepreneur.com/article/318480