Union Properties: Difference between revisions
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{{Article for deletion/dated|page=Union Properties PJSC|timestamp=20230724232844|year=2023|month=July|day=24|substed=yes}} |
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{{short description|Real estate developers in Dubai}} |
{{short description|Real estate developers in Dubai}} |
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{{Advert|date=July 2021}} |
{{Advert|date=July 2021}} |
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{{Infobox company |
{{Infobox company |
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| name = Union Properties |
| name = Union Properties |
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| hq_location_country = [[United Arab Emirates]] |
| hq_location_country = [[United Arab Emirates]] |
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| area_served = United Arab Emirates |
| area_served = United Arab Emirates |
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| key_people = Khalifa Al Hammadi - CEO & Chairman of the board<ref>[https://www.dfm.ae/home/issuers/listed-securities/securities/disclosure-details?id=012cafb4-afd8-43bc-bae0-78ba52118f03 Union Properties Board of Directors Meeting Results]</ref> |
| key_people = Khalifa Al Hammadi - CEO & Chairman of the board<ref name="dfm.ae">[https://www.dfm.ae/home/issuers/listed-securities/securities/disclosure-details?id=012cafb4-afd8-43bc-bae0-78ba52118f03 Union Properties Board of Directors Meeting Results]</ref> |
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| services = Real Estate development (Skyscrapers, Towers, Retail, Communities, Low rise residential buildings, Shopping Malls), commercial development, industrial development and Leisure and destination projects. |
| services = Real Estate development (Skyscrapers, Towers, Retail, Communities, Low rise residential buildings, Shopping Malls), commercial development, industrial development and Leisure and destination projects. |
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| revenue = AED 423 Million |
| revenue = AED 423 Million |
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| num_employees_year = 2020<ref name="Bloomberg - Are you a robot"/> |
| num_employees_year = 2020<ref name="Bloomberg - Are you a robot"/> |
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| subsid = ServeU, The FITOUT, Thermo, GMAMCO, Edacom, Dubai Autodrome, EDACOM, Union Holding LLC, Al Etihad Cold Storage LLC, Thermo LLC |
| subsid = ServeU, The FITOUT, Thermo, GMAMCO, Edacom, Dubai Autodrome, EDACOM, Union Holding LLC, Al Etihad Cold Storage LLC, Thermo LLC |
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| website = {{ |
| website = {{URL|www.up.ae}} |
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}} |
}} |
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Union Properties is a real estate development company headquartered in Dubai, United Arab Emirates. Established in 1987 as Union Property Private Limited<ref>{{Cite journal |title=Union Properties |url=https://www.arabianbusiness.com/companies/union-properties-66442.html |journal=Arabian Business}}</ref>, the company was listed on the Dubai Financial Market in 1993. Notable projects undertaken by Union Properties include The Index apartment and office building in Dubai and Dubai Motor City. |
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== |
== History == |
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⚫ | 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.<ref>{{Cite web|title=Dubai Investments buys 50% stake in Emicool for Dh500m|url=https://www.thenational.ae/business/dubai-investments-buys-50-stake-in-emicool-for-dh500m-1.697207|website=The National|date=21 January 2018|language=en|access-date=2020-05-10}}</ref> After this acquisition, Dubai Investments will fully own Emicool. The proceeds of the sale went towards restructuring the debts of the company.<ref>{{Cite web|title=Dubai Investments buys Union Properties' Emicool stake for $136m|url=https://www.constructionweekonline.com/article-47866-dubai-investments-buys-union-properties-emicool-stake-for-136m|website=Construction Week Online Middle East|language=en|access-date=2020-05-10}}</ref> Union Properties also purchased a stake in the Egyptian Palm Hills Company in 2019.<ref>{{Cite web|title=UAE's Union Properties buys 5.68% stake in Egypt's Palm Hills|url=https://www.zawya.com/mena/en/business/story/UAEs_Union_Properties_buys_568_stake_in_Egypts_Palm_Hills-ZAWYA20180110101532|website=www.zawya.com|language=en|access-date=2020-05-10}}</ref><ref>{{Cite web|title=Emirati company acquires 5.7% stake in Palm Hills|url=http://www.egypttoday.com/Article/3/39750/Emirati-company-acquires-5-7-stake-in-Palm-Hills|website=EgyptToday|date=10 January 2018|access-date=2020-05-10}}</ref> |
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[[Image:Dubai_Motor_City_neighborhood.jpg|thumb|200px|right|Dubai Motor City]] |
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* [[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. |
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* 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). |
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* Union Tower, 1996, in Dubai |
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* 'Al Mussalla Towers, 1998, in Dubai |
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* Union Properties Tower, 2002, in Dubai |
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* [[The Index (Dubai)]] tower, 2005, in Dubai |
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* Control Tower, 2008, in Dubai |
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* Limestone House, Dubai International Financial Centre |
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[[Image:The_Ritz_Carlton,_Dubai_-_DIFC.jpg|thumb|200px|right|The Ritz Carlton - DIFC]] |
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* The Ritz-Carlton, Dubai International Financial Centre |
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* UPTOWN Mirdiff, Dubai |
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* Union House, Dubai |
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*OIA Residence, Dubai Motor City |
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* Marriott Executive Apartments, Dubai |
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* Creekside Residence, Dubai |
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* Opal Building, Dubai |
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* Al Satwa Villas, Dubai |
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* Al Wasl Villas, Dubai |
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* Jumeirah Park Villas, Dubai |
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* Radio Tower Villas, Dubai |
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* Al Loze Villas, Dubai |
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* Nadd Rashid Villas, Dubai |
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* Union House, Dubai |
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* Net.Com, Dubai |
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* Al Rolla Building, Dubai |
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* Al Etihad Cold Storage, Dubai |
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== Subsidiaries == |
== Subsidiaries == |
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* Thermo LLC |
* Thermo LLC |
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== |
== Awards == |
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Accolades include: |
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The Chairman is Mr. Khalifa Hasan Ali Saleh Al Hammadi, & Vice Chairman is Mr. Fathi Ben Abdul Sattar Ben Grira.<ref>[https://www.dfm.ae/home/issuers/listed-securities/securities/disclosure-details?id=012cafb4-afd8-43bc-bae0-78ba52118f03 Union Properties Board of Directors Meeting Results]</ref> |
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⚫ | * Arabian Business Award 2005, as Property Company of the Year, organized by the Arabia Business Magazine (ITP).<ref>{{Cite news|url=https://www.albawaba.com/business/union-properties-pjsc-captures-honours-recent-arabian-business-awards-2005|title=Union Properties PJSC captures honours in recent Arabian Business Awards 2005|date=2005-11-10|work=Al Bawaba|access-date=2018-10-20|language=en}}</ref> |
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⚫ | * 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.<ref>{{Cite web|url=https://www.fosterandpartners.com/news/archive/2011/06/the-index-is-judged-best-tall-building-in-the-middle-east-and-africa-by-ctbuh/|title=The Index is judged best tall building in the Middle East and Africa by CTBUH {{!}} Foster + Partners|last=www.fosterandpartners.com|first=Foster + Partners /|website=www.fosterandpartners.com|language=en|access-date=2018-10-20}}</ref> |
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Board Members are: |
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⚫ | * Top Real Estate Companies 2016 in 13th grade, organized by [[Forbes]] Middle East<ref>{{Cite journal|date=2016|title=TOP 50 LISTED REAL ESTATE COMPANIES|url=https://www.forbesmiddleeast.com/en/wp-content/uploads/sites/3/2017/01/ForbesMERealEstateGuide2016.pdf|journal=Forbes Middleeast|volume=GUIDE 2016 / REAL ESTATE|pages=56|access-date=2018-10-20|archive-date=2018-10-20|archive-url=https://web.archive.org/web/20181020224046/https://www.forbesmiddleeast.com/en/wp-content/uploads/sites/3/2017/01/ForbesMERealEstateGuide2016.pdf|url-status=dead}}</ref> |
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* Mohamed Fardan Ali Al Fardan |
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* Darwish Abdulla Ahmed Al Ketbi |
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* Dahi Yousef Ahmed Abdulla Al Mansoori |
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* Abdul Wahab Al Halabi |
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* Jorg Klar |
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== Prizes and awards == |
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⚫ | * Arabian Business Award 2005, as Property Company of the Year, |
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* 2005–2007 The Middle East Autocar Awards 2005. |
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* Emirates Superbrand Award 2009<ref>[https://www.zawya.com/mena/en/press-releases/story/48_brands_receive_Superbrands_recognition_at_Gala_Event-ZAWYA20190619063851/ 48 brands receive Superbrands recognition at Gala Event]</ref><ref>{{Cite web|url=http://www.hotelnewsnow.com/Articles/8300/Dubai-Ritz-Carlton-sold-for-AED11b|title=HNN - Dubai Ritz-Carlton sold for AED1.1b|website=www.hotelnewsnow.com|date=8 November 2010|language=en-US|access-date=2018-10-20}}</ref> |
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⚫ | * |
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⚫ | * Top Real Estate Companies 2016 in 13th grade, |
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* 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.<ref>{{Cite news|url=http://www.cbnme.com/power-60/8-nasser-bin-butti-omair-bin-yousef-union-properties/|title=#8: Nasser bin Butti Omair bin Yousef, Union Properties - Construction Business News Middle East|date=2018-07-04|work=Construction Business News Middle East|access-date=2018-10-20|language=en-US}}</ref> |
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* 2018, “Chairman of the year” award to Nasser Butti Omair Bin Yousef, chairman of Union Properties, by CEO middle east publication. |
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* Gary Reader, ServeU General Manager won FM Executive of the Year 2020 award from FM Middle East Awards. |
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== Selling Emicool Assets == |
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⚫ | On January 21, 2018, Union Properties announced that it had sold to Dubai Investment |
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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. <ref>{{Cite web|title=UAE's Union Properties buys 5.68% stake in Egypt's Palm Hills|url=https://www.zawya.com/mena/en/business/story/UAEs_Union_Properties_buys_568_stake_in_Egypts_Palm_Hills-ZAWYA20180110101532|website=www.zawya.com|language=en|access-date=2020-05-10}}</ref><ref>{{Cite web|title=Emirati company acquires 5.7% stake in Palm Hills|url=http://www.egypttoday.com/Article/3/39750/Emirati-company-acquires-5-7-stake-in-Palm-Hills|website=EgyptToday|date=10 January 2018|access-date=2020-05-10}}</ref><ref>{{Cite web|title=Follow The Leader: Ahmed Khouri, Managing Director, Union Properties|url=https://www.entrepreneur.com/article/318480|last=Thomas|first=Aby Sam|date=2018-08-16|website=Entrepreneur|language=en|access-date=2020-05-10}}</ref><ref>{{Cite web|title=Dubai's Union Properties buys stake in Egyptian developer|url=https://www.arabianbusiness.com/news/387321-dubais-union-properties-buys-stake-in-egyptian-developer|website=ArabianBusiness.com|language=en|access-date=2020-05-10}}</ref><ref>{{Cite web|title=UPRO.DU - Union Properties PJSC Profile {{!}} Reuters|url=https://www.reuters.comundefined/|last=Editorial|first=Reuters|website=www.reuters.comundefined|language=en|access-date=2020-05-10}}</ref><ref>{{Cite web|title=UAE's small property stocks see 'exceptional' buying|url=https://gulfnews.com/business/property/uaes-small-property-stocks-see-exceptional-buying-1.63388494|website=gulfnews.com|language=en|access-date=2020-05-10}}</ref> |
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== Sponsoring == |
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* Dubai Motor City Sponsored the AUTOCAR Middle East Awards 2007، Honoring the industry professionals, for 3 years.<ref name=":2">{{Cite web|url=https://www.dfm.ae/docs/default-source/default-document-library/upp_cgr_e_20179e82e6f7f6026339b0d9ff00009be840.pdf?sfvrsn=0|title=Union Properties PJSC Corporate Governance Report|website=Dubai Financial Market PJSC}}</ref> |
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* Uptown Mirdiff Chess and Bridge Championship 2017.<ref>{{Cite news|url=https://www.albayan.ae/sports/emirates/2017-06-16-1.2979111|title=118 لاعباً في بطولة "أب تاون الشطرنجية"|last=الغربي|first=■دبي - عدنان|date=2017-06-16|work=البيان|access-date=2018-10-20|language=ar-AR}}</ref> |
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* Open a race track in Dubai Autodrome for people to practice driving fast in a safe area for free once weekly.<ref name=":2" /> |
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== References == |
== References == |
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{{reflist}} |
{{reflist}} |
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[[Category: |
[[Category:Real estate companies of the United Arab Emirates]] |
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[[Category:Real estate companies established in 1987]] |
[[Category:Real estate companies established in 1987]] |
Latest revision as of 21:24, 27 July 2024
![]() | This article contains content that is written like an advertisement. (July 2021) |
Union Properties PJSC | |
Company type | Public Joint Stock Company |
Industry | Real Estate Developer |
Founded | 1987 |
Headquarters | , |
Area served | United Arab Emirates |
Key people | Khalifa Al Hammadi - CEO & Chairman of the board[1] |
Services | Real Estate development (Skyscrapers, Towers, Retail, Communities, Low rise residential buildings, Shopping Malls), commercial development, industrial development and Leisure and destination projects. |
Revenue | AED 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 |
Union Properties is a real estate development company headquartered in Dubai, United Arab Emirates. Established in 1987 as Union Property Private Limited[3], the company was listed on the Dubai Financial Market in 1993. Notable projects undertaken by Union Properties include The Index apartment and office building in Dubai and Dubai Motor City.
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
- 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
- ^ Union Properties Board of Directors Meeting Results
- ^ a b "Union Properties". www.bloomberg.com. Retrieved 2018-10-20.
- ^ "Union Properties". Arabian Business.
- ^ "Dubai Investments buys 50% stake in Emicool for Dh500m". The National. 21 January 2018. Retrieved 2020-05-10.
- ^ "Dubai Investments buys Union Properties' Emicool stake for $136m". Construction Week Online Middle East. Retrieved 2020-05-10.
- ^ "UAE's Union Properties buys 5.68% stake in Egypt's Palm Hills". www.zawya.com. Retrieved 2020-05-10.
- ^ "Emirati company acquires 5.7% stake in Palm Hills". EgyptToday. 10 January 2018. Retrieved 2020-05-10.
- ^ "Union Properties PJSC". Dubai Financial Market.
- ^ "Union Properties announces plans to list ServeU on DFM in second half of 2018". MENA Herald. Retrieved 2018-10-20.
- ^ "UAE's UPP Capital Investment raises stake in Palm Hills". Retrieved 2018-10-20.
- ^ "Union Properties PJSC captures honours in recent Arabian Business Awards 2005". Al Bawaba. 2005-11-10. Retrieved 2018-10-20.
- ^ 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.
- ^ "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.
- ^ FMME Awards 2020: Winners revealed
- ^ Aletehad al-aqarya, kachaf .
- ^ CTBUH Awards, skyscraper center