Dubai-Mubasher: Union Properties (UP) on Tuesday announced taking steps to further diversify its business and revenue sources by opening two new wholly-owned subsidiaries, namely: Union Malls and Al Etihad Hotel Management.
Union Malls will provide retail and leisure options at UP’s developments and will launch its “inaugural mall” named The Central, UP said in a statement, noting that the new mall will cover an area of 100,000 square metres spread over four floors.
Meanwhile, its second newly-established subsidiary Al Etihad Hotel Management will focus on developing and managing luxury hotels and furnished residences in Dubai.
“[Al Etihad Hotel Management] is expected to provide hospitality services and facilities management for approximately 3,000 serviced apartments and 3,500 hotel rooms throughout MotorCity,” UP added in its statement.
The new hotel management firm will commence by launching three hotel projects in MotorCity, Vertex Hotel, The Central and a third unnamed project.
“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.”, said UP chairman Nasser Butti Omair bin Yousef.
On Monday, the top official revealed that his company was considering a number of investment options both within the UAE and abroad.
