Union Properties PJSC

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 joint-stock company in the Dubai Financial Market. The company also provides a number of services through its subsidiaries in UAE, including leisure and destination development, integrated facilities management and services, owners’ association management, interior projects fit-out, as well as heating, ventilation, and air conditioning (HVAC) accessories manufacturing.

Union Properties
Union Properties PJSC
Public Joint Stock Company
IndustryReal Estate Developer
Founded1987
Headquarters
Dubai
,
United Arab Emirates
Area served
United Arab Emirates
Key people
Khalifa Al Hammadi - CEO & Chairman of the board[1]
ServicesReal Estate development (Skyscrapers, Towers, Retail, Communities, Low rise residential buildings, Shopping Malls), commercial development, industrial development and Leisure and destination projects.
RevenueLoss Dh163.8m Millions AED (Q3 2019)
Total assets6.0 Billions AED (Q2 2018[2])
Number of employees
5,400 (2020[2])
SubsidiariesServeU, The FITOUT, Thermo, GMAMCO, Edacom, Dubai Autodrome, EDACOM
Websitewww.up.ae

Subsidiary companies also include Dubai Autodrome and Marriott Executive Apartments and Courtyard by Marriott.[3]

Union Properties was founded in 1987 as Union Property Private Limited[4] and became a public joint stock company in 1993 when it has joined Dubai Financial Market.[3][5]

Union Properties projects as Master Developer

Union Properties participated in developing the following projects as a “Master Developer”:

Neighborhood projects
Dubai Motor City
  • Dubai Motor City neighborhood located in Dubai city. Union Properties has participated in developing its related subprojects including, mosques, Uptown-MotorCity, MotorCity-Green Community, The Ribbon and OIA Residence, Dubai Autodrome, the Grandstand Retail Plaza, the Motorsport Business Park, a VIP Paddock Hospitality area and entertainment facilities for events and corporate entertainment.
  • Dubai Green Community, DIP has been developed by a joint venture created between Union Properties and Dubai Investments PJSC called Properties Investment LLC. This project includes the development of Courtyard by Marriott Green Community, Green Community Phase I, Green Community West, Phase II, The Market and Green Community West, Phase III (completed in July 2018).

Skyscraper projects
  • Union Tower, 1996, in Dubai
  • Al Mussalla Towers, 1998, in Dubai
UP Tower in Dubai
  • UP Tower, 2002, in Dubai
  • The Index (Dubai) tower, 2005, in Dubai
  • Control tower, 2008, in Dubai

Other projects
  • Limestone House, Dubai International Financial Centre
The Ritz Carlton - DIFC
  • The Ritz-Carlton, Dubai International Financial Centre
  • UPTOWN Mirdiff, Dubai
  • Union House, Dubai
  • OIA Residence, Dubai Motor City
  • Marriott Executive Apartments, Dubai
  • Creekside Residence, Dubai
  • Opal Building, Dubai
  • Al Satwa Villas, Dubai
  • Al Wasl Villas, Dubai
  • Jumeirah Park Villas, Dubai
  • Radio Tower Villas, Dubai
  • Al Loze Villas, Dubai
  • Nadd Rashid Villas, Dubai
  • Union House, Dubai
  • Net.Com, Dubai
  • Al Rolla Building, Dubai
  • Al Etihad Cold Storage, Dubai

Subsidiaries
Bird's-eye view of Dubai Autodrome Circuit, MotorCity

[3]

Board of directors

The Chairman is Mr. Khalifa Hasan Ali Saleh Al Hammadi, & Vice Chairman is Mr. Fathi Ben Abdul Sattar Ben Grira.[8]

Board Members are:

  • Mohamed Fardan Ali Al Fardan
  • Darwish Abdulla Ahmed Al Ketbi
  • Dahi Yousef Ahmed Abdulla Al Mansoori
  • Abdul Wahab Al Halabi
  • Jorg Klar

Prizes & Awards
  • Arabian Business Award 2005, as Property Company of the Year, organised by the Arabia Business Magazine (ITP).[9]
  • 2005–2007 The Middle East Autocar Awards 2005.
  • Emirates Superbrand Award 2009[10][11]
  • Best Tall Building Middle East & Africa in 2011 for Index Tower, a project of UP, organized by The Council on Tall Buildings and Urban Habitat.[12]
  • Top Real Estate Companies 2016 in 13th grade, organised by Forbes Middle East.[13]
  • 2018, Nasser bin Butti Omair bin Yousef, chairman of Union Properties, was recognized in 8th place on the Power 60 list by Construction Business News.[14]
  • 2018, “Chairman of the year” award to Nasser Butti Omair Bin Yousef, chairman of Union Properties, by CEO middle east publication.
  • Top 100 Companies in the Middle East 2018 in 47th grade organized by Forbes Middle East.
  • Gary Reader, ServeU General Manager won FM Executive of the Year 2020 award from FM Middle East Awards.
  • ServeU won Unsung Hero of the Year 2020 award from FM Middle East Awards.[15]
  • Best Real Estate Company 2016 in thirteenth grade, organized by Forbes Middle East.[16]
  • Awarded as “Best Tall Building Middle East & Africa” from the Council on Tall Buildings and Urban Habitat in 2011.[17]

Selling Emicool 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 stake of 50% in « Emirates District Cooling LLC » “EMICOOL” for 500 million Dirhams.[18][19] After this acquisition, Dubai Investments will acquire all shares of EMICOOL 100%. The proceeds of the sale contributed to the enhancement of the activities of the Union Properties and the restructuring of some debts arising from the company. [20][21][22]

Union Properties also invested another part in purchasing 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 Stability of the company's cash flow and contribute to revitalizing and focusing on the company's other business, in addition to enhancing the company's financial position and allowing it to complete its other major business. [23][24][25][26][27][28]

Sponsoring
  • Dubai Motor City Sponsored the AUTOCAR Middle East Awards 2007، Honoring the industry professionals, for 3 years.[29]
  • Uptown Mirdiff Chess and Bridge Championship 2017.[30]
  • Open a race track in Dubai Autodrome for people to practice driving fast in a safe area for free once weekly.[29]
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References
  1. Union Properties Board of Directors Meeting Results
  2. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 2018-10-20.
  3. "Union Properties PJSC". Dubai Financial Market.
  4. "Union Properties". Arabian Business.
  5. "Union Properties PJSC". City Scape Online.
  6. "Union Properties announces plans to list ServeU on DFM in second half of 2018". MENA Herald. Retrieved 2018-10-20.
  7. "UAE's UPP Capital Investment raises stake in Palm Hills". Retrieved 2018-10-20.
  8. Union Properties Board of Directors Meeting Results
  9. "Union Properties PJSC captures honours in recent Arabian Business Awards 2005". Al Bawaba. 2005-11-10. Retrieved 2018-10-20.
  10. 48 brands receive Superbrands recognition at Gala Event
  11. "HNN - Dubai Ritz-Carlton sold for AED1.1b". www.hotelnewsnow.com. Retrieved 2018-10-20.
  12. www.fosterandpartners.com, Foster + Partners /. "The Index is judged best tall building in the Middle East and Africa by CTBUH | Foster + Partners". www.fosterandpartners.com. Retrieved 2018-10-20.
  13. "TOP 50 LISTED REAL ESTATE COMPANIES" (PDF). Forbes Middleeast. GUIDE 2016 / REAL ESTATE: 56. 2016.
  14. "#8: Nasser bin Butti Omair bin Yousef, Union Properties - Construction Business News Middle East". Construction Business News Middle East. 2018-07-04. Retrieved 2018-10-20.
  15. FMME Awards 2020: Winners revealed
  16. Aletehad al-aqarya, kachaf .
  17. CTBUH Awards,skyscraper center
  18. "Dubai Investments buys 50% stake in Emicool for Dh500m". The National. Retrieved 2020-05-10.
  19. "Dubai Investments buys 50% stake in Emicool". Emirates Business. Retrieved 2020-05-10.
  20. "Dubai Investments buys Union Properties' Emicool stake for $136m". Construction Week Online Middle East. Retrieved 2020-05-10.
  21. "Union Properties sells Emicool stake for Dh500m". gulfnews.com. Retrieved 2020-05-10.
  22. "Dubai Investments Buys Union Properties' Stake in Emicool". www.districtenergy.org. Retrieved 2020-05-10.
  23. "UAE's Union Properties buys 5.68% stake in Egypt's Palm Hills". www.zawya.com. Retrieved 2020-05-10.
  24. "Emirati company acquires 5.7% stake in Palm Hills". EgyptToday. Retrieved 2020-05-10.
  25. Thomas, Aby Sam (2018-08-16). "Follow The Leader: Ahmed Khouri, Managing Director, Union Properties". Entrepreneur. Retrieved 2020-05-10.
  26. "Dubai's Union Properties buys stake in Egyptian developer". ArabianBusiness.com. Retrieved 2020-05-10.
  27. Editorial, Reuters. "UPRO.DU - Union Properties PJSC Profile | Reuters". www.reuters.comundefined. Retrieved 2020-05-10.
  28. "UAE's small property stocks see 'exceptional' buying". gulfnews.com. Retrieved 2020-05-10.
  29. "Union Properties PJSC Corporate Governance Report" (PDF). Dubai Financial Market PJSC.
  30. الغربي, ■دبي - عدنان (2017-06-16). "118 لاعباً في بطولة "أب تاون الشطرنجية"". البيان (in Arabic). Retrieved 2018-10-20.
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