Developer also plans to convert three subsidiaries into private joint stock companies
Union Properties is to sign an agreement with China National Chemical Engineering Company for the expansion of its flagship project in Dubai. The $54.4 million contract is aimed at supporting the growth of the Dubai Autodrome and the developer’s presence on the local, regional and international level, a statement from the developer said.
The decision to expand the Dubai Autodrome comes in the context of expectations for the growth of the tourism sector in the state supported by Expo 2020 and the effort of tourism promotion carried out, said Union Properties’ CEO Khalifa Al Hammadi.
Al Hammadi also said that these efforts come in the context of the vision of the rational leadership of the UAE, in promoting the flexible and favorable economic environment for the development and growth of companies.
The developer says the Dubai Autodrome is an ideal destination for racing and car enthusiasts and includes several racetracks with international specifications that are the only ones of its kind in the emirate.
Additionally, Union Properties stated that its executive management team has prepared a plan to convert the following three subsidiaries into private joint stock companies: ServeU, The FITOUT and Dubai Autodrome.