Dubai-based developer, Union Properties, is set to further diversify its operations and revenue sources by opening two new fully-owned subsidiary companies – Union Malls and Al Etihad Hotel Management.
Announcing the news at Cityscape Global 2017, Nasser Butti Omair bin Yousef, chairman of Union Properties, said: “Guided by a new management team, masterplan, and projects, we are 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.”
Union Malls will provide retail and leisure options in all the developments. Located in the heart of MotorCity, its inaugural mall will be The Central, a 100,000 sqm complex spread over four floors offering retail, dining, and a wide range of leisure options.
The Central will be characterised by its sports offering and will feature a 250m indoor velodrome, fully-equipped with cyclists and trainers, a 700m indoor elevated running track, indoor Olympic-sized swimming pool, a diving centre, six indoor basketball courts, medical suites for sport therapy, and a 17,000 sqft gym.
Yousef said: “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. With a uniquely broad offering that combines retail and dining with sports and automobiles.”
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 projects in MotorCity. The 25-level, five-star Vertex Hotel will be part of the 85-storey, 300m high-rise at the heart of the wider vertex complex, which also includes 1,000 serviced apartments spread over 45 levels and with the highest helipad in the UAE.
The 35-storey four-star Central Hotel will be located directly opposite to The Central Mall via a pedestrian bridge. It will comprise 350 rooms topped by 18 levels of serviced apartments. The third hotel project, currently unnamed, comrpises around 270 serviced apartments of different sizes.