Union Properties

Last updated
Union Properties
Union Properties PJSC
Company typePublic Joint Stock Company
IndustryReal Estate Developer
Founded 1987
Headquarters,
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 assets 5.9 Billion AED (Q2 2018 [2] )
Number of employees
5,540 (2020 [2] )
Subsidiaries ServeU, The FITOUT, Thermo, GMAMCO, Edacom, Dubai Autodrome, EDACOM, Union Holding LLC, Al Etihad Cold Storage LLC, Thermo LLC
Website www.up.ae

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.

Contents

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]

Awards

Accolades include:

Related Research Articles

<span class="mw-page-title-main">Council on Tall Buildings and Urban Habitat</span> International body in the field of tall buildings and sustainable urban design

The Council on Tall Buildings and Urban Habitat (CTBUH) is an international body in the field of tall buildings, including skyscrapers, and sustainable urban design. A non-profit organization based at the Monroe Building in Chicago, Illinois, United States, the CTBUH announces the title of "The World's Tallest Building" and is widely considered to be an authority on the official height of tall buildings. Its stated mission is to study and report "on all aspects of the planning, design, and construction of tall buildings."

Emaar Properties is an Emirati multinational real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation of US$16.8 billion as of August 2023 against the Net Asset Valuation of US$37.6 billion as of December 2022 based on the valuation of assets done by third party valuer. With six business segments and 60 active companies, Emaar has collective presence in 36 markets across the Middle East, North Africa, Asia, Europe and North America.

<span class="mw-page-title-main">Nakheel Properties</span> Property development company in Dubai

Nakheel Properties is a real estate development company based in Dubai, United Arab Emirates. The formal name of the company is Nakheel PJSC and it was a subsidiary of Dubai World and a private state-owned enterprise.

<span class="mw-page-title-main">Aldar Properties</span> Real estate development, management and investment company

Aldar Properties PJSC is a real estate development, management and investment company with headquarters in Abu Dhabi, United Arab Emirates. The company's shares are traded on the Abu Dhabi Securities Exchange.

<span class="mw-page-title-main">Trump International Hotel and Tower (Dubai)</span> Proposed hotel and residence tower in the UAE

The Palm Trump International Hotel & Tower was a proposed skyscraper hotel and residential complex at the trunk of the Palm Jumeirah in Dubai. It was a joint venture between the Trump Organization and Dubai-based Nakheel, a government-owned company, and was announced on October 5, 2005. This building and other prestigious building projects throughout Dubai in late 2008 were never built, largely as a result of the global credit crunch.

<span class="mw-page-title-main">Princess Tower</span> Residential-only skyscraper located in the Marina district of Dubai, UAE

The Princess Tower is a 101-story, 413.4 m (1,356 ft) tall residential-only skyscraper located in the Marina district of Dubai, UAE. As of September 2022, Princess Tower is the third tallest building in Dubai, after the Burj Khalifa and Marina 101 and the 36th tallest building in the world. Princess Tower was the tallest residential building in the world from 2012 to 2015, when it was overtaken by 432 Park Avenue in New York City.

<span class="mw-page-title-main">The Index (Dubai)</span> Mixed-use in Plot- DIFC, Dubai

The Index is a 328 m (1,076 ft) tall, 80-storey skyscraper in Dubai, United Arab Emirates. Of the 80 floors, the first four floors are service floors, 5th–29th are to be offices and 31st–77th are residential use, 73rd and 75th floors are duplex penthouses and 77th to 80th floor are triplex penthouses. The tower is oriented exactly along the east–west axis so that the eastern and western concrete cores shelter the floors from the harsh, desert sun and the climatic effects of the area. The concrete cores shelter the building from the low angle, highly penetrating morning and evening sun leaving only the south facade exposed to the high angle, low penetrating midday sun. The south-facing facade utilizes extensive sun shades to lower solar gain.

<span class="mw-page-title-main">Lamar Towers</span> Building in Jeddah, Saudi Arabia

Sumou Towers (formerly Lamar Towers) are a pair of skyscrapers currently under construction in the city of Jeddah, Saudi Arabia. Located on Jeddah Corniche, Sumou Towers consists of two towers, the southern tower 71 floors and the northern 62 floors. The project also includes a number of commercial offices and at the same time it includes a commercial shopping center (mall) that includes the most luxurious shops and international restaurants, in addition to a sports center, spa and multiple areas for luxury.

The government of Dubai took a decision to diversify from a trade-based, oil-reliant economy to one that is service and tourism-oriented. This has made real estate and other developments more valuable, thus resulting in a property boom from 2004 to 2006. Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. There are a number of large-scale projects which are currently under construction or are to be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which are 25% of cranes worldwide, are operating in Dubai. Due to the burst of construction, Dubai has acquired various building-related records, which include: the world's tallest tower, the world's largest shopping mall, the world's largest fountain and the world's tallest hotel. Also under construction is Dubailand, which will be almost twice the size of the Walt Disney World Resort.

<span class="mw-page-title-main">Istithmar World</span> Investment firm based in Dubai, UAE

Istithmar World ("istithmar" for "investment" is an investment firm based in Dubai, United Arab Emirates. This company is a state-run business owned by Dubai World, a Dubai government-owned company, and was established in 2003. Originally known as "Istithmar," the company was renamed as "Istithmar World" in 2008.

Abu Dhabi Securities Exchange is a stock exchange in Abu Dhabi, United Arab Emirates (UAE).

<span class="mw-page-title-main">Arabtec Holding PJSC</span>

Arabtec Holding PJSC, Dubai's most heavily traded and largest construction group in GCC together with its subsidiaries, provided construction services for residential, commercial, oil and gas, infrastructure, power, facilities management, and property development sectors in the United Arab Emirates and internationally. It operated through Construction; Mechanical, Electrical and Plumbing; Oil & Gas, Infrastructure and Power; and other segments. The company was involved in the construction of high-rise towers, buildings, and residential villas, as well as drainage, electrical, mechanical, and plumbing contracting, and civil and infrastructure construction works. It also engaged in real estate investment, development, leasing, and management activities. In addition, the company manufactured precast panels and steel structures, as well as ready-mixed concrete

Majid Al Futtaim Holding is an Emirati holding company based in Dubai. The family-owned conglomerate owns and operates shopping malls, retail, and hotel establishments in the Middle East and North Africa.

Kabir Mulchandani is an Indian-born, Dubai-based real estate and hospitality businessman and philanthropist. He is the founder and Chairman of FIVE Holdings, which includes FIVE Hotels and Resorts; FIVE Palm Jumeirah, FIVE Jumeirah Village, FIVE Zurich, FIVE LUXE, and FIVE Music along with The Pacha Group. He is ranked as one of the Richest and Most Powerful Indians in the Persian Gulf region. He is ranked number 24 on the Top 100 Travel and Tourism leaders of 2023 by Forbes Middle East.

DAMAC Properties is an Emirati property development company, based in Dubai, in the United Arab Emirates. In January 2015, DAMAC Properties was publicly listed on the Dubai Financial Market. The company operates internationally, providing residential, commercial and leisure properties and has offices in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iran, Oman, and the United Kingdom.

Emaar India Limited is a real estate developer principally engaged in promotion, construction, development and sale of integrated townships, residential and commercial multi storied buildings, houses, flats, shopping malls, hotels, and other developments. The company develops residential and commercial projects in different parts of India, including Gurugram, Delhi/NCR, Mohali, Lucknow, Indore and other Indian cities.

Abu Dhabi Financial Group (ADFG) is a global investment management group, headquartered in Abu Dhabi.

<span class="mw-page-title-main">Hussain Sajwani</span> Emirati businessman

Hussain Sajwani, is an Emirati billionaire businessman and the founder of the property development company, DAMAC Properties, and his private investment company, DAMAC Group.

Emaar Developments is the UAE-based property development arm of Emaar Properties. The company develops residential and commercial property, shopping malls and other retail assets, as well as hospitality and leisure attractions.

<span class="mw-page-title-main">Investment Corporation of Dubai</span> Sovereign wealth fund from the United Arab Emirates

Investment Corporation of Dubai is the principal investment arm of the Government of Dubai focused on strengthening Dubai’s economy through long-term value and wealth creation and investing in global opportunities. Established in 2006, ICD manages the Government of Dubai Portfolio of commercial companies and investments. In 2022, ICD reported assets worth $320 billion and revenue of $73 billion. The Dubai-based corporation provides strategic oversight, develops and implements investment strategies and corporate governance policies, and operates in multiple sectors, including oil and gas, transportation, banking, and financial services.

References

  1. Union Properties Board of Directors Meeting Results
  2. 1 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