Union Properties

Union Properties is a real estate development company based in Dubai, United Arab Emirates. The company was formed in 1987 as Union Property Private Limited[3] and was listed on the Dubai Financial Market in 1993. Previous projects include The Index apartment/office building in Dubai and Dubai Motor City.

Union Properties
Union Properties PJSC
TypePublic 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.
RevenueAED 423 Million (Q3 2019)
Total assets5.9 Billion AED (Q2 2018[2])
Number of employees
5,540 (2020[2])
SubsidiariesServeU, The FITOUT, Thermo, GMAMCO, Edacom, Dubai Autodrome, EDACOM, Union Holding LLC, Al Etihad Cold Storage LLC, Thermo LLC
Websitewww.up.ae

History

On January 21, 2018, Union Properties announced that it had sold to Dubai Investment its 50% stake in Emirates District Cooling, or Emicool, for 500 million Dirhams.[4] After this acquisition, Dubai Investments will fully own Emicool. The proceeds of the sale went towards restructuring the debts of the company.[5] Union Properties also purchased a stake in the Egyptian Palm Hills Company in 2019.[6][7]

Subsidiaries

[8]

  • Dubai Motor City
  • Dubai Autodrome
  • ServeU
  • EDACOM
  • The FitOut
  • Property Investment
  • GMAMCO
  • Union Malls[9]
  • Uptown Mirdiff
  • UPP Capital Investment[10]
  • Union Holding LLC
  • Al Etihad Cold Storage LLC
  • Thermo LLC

Awards

Accolades include:

  • Arabian Business Award 2005, as Property Company of the Year, organized by the Arabia Business Magazine (ITP).[11]
  • The tallest Building Middle East and 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, organized by Forbes Middle East[13]
  • Top 100 Companies in the Middle East 2018 in 47th grade, organized by Forbes Middle East
  • ServeU won the Unsung Hero of the Year 2020 award from the FM Middle East Awards.[14]
  • Best Real Estate Company 2016 in thirteenth grade, organized by Forbes Middle East[15]
  • Awarded “Best Tall Building Middle East & Africa” from the Council on Tall Buildings and Urban Habitat in 2011.[16]

References
  1. Union Properties Board of Directors Meeting Results
  2. "Union Properties". www.bloomberg.com. Retrieved 2018-10-20.
  3. "Union Properties". Arabian Business.
  4. "Dubai Investments buys 50% stake in Emicool for Dh500m". The National. 21 January 2018. Retrieved 2020-05-10.
  5. "Dubai Investments buys Union Properties' Emicool stake for $136m". Construction Week Online Middle East. Retrieved 2020-05-10.
  6. "UAE's Union Properties buys 5.68% stake in Egypt's Palm Hills". www.zawya.com. Retrieved 2020-05-10.
  7. "Emirati company acquires 5.7% stake in Palm Hills". EgyptToday. 10 January 2018. Retrieved 2020-05-10.
  8. "Union Properties PJSC". Dubai Financial Market.
  9. "Union Properties announces plans to list ServeU on DFM in second half of 2018". MENA Herald. Retrieved 2018-10-20.
  10. "UAE's UPP Capital Investment raises stake in Palm Hills". Retrieved 2018-10-20.
  11. "Union Properties PJSC captures honours in recent Arabian Business Awards 2005". Al Bawaba. 2005-11-10. 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. Archived from the original (PDF) on 2018-10-20. Retrieved 2018-10-20.
  14. FMME Awards 2020: Winners revealed
  15. Aletehad al-aqarya, kachaf .
  16. CTBUH Awards, skyscraper center
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