Union Properties
{{short description|Real estate developers in Dubai}}
{{Advert|date=July 2021}}
{{Infobox company
| name = Union Properties
| image = UP Tower.jpg
| image_caption = Union Properties Tower
| logo =
| logo_caption =
| trade_name = Union Properties PJSC
| type = Public Joint Stock Company
| industry = Real Estate Developer
| founded = {{start date and age|1987}}
| hq_location_city = Dubai
| hq_location_country = United Arab Emirates
| area_served = United Arab Emirates
| key_people = Khalifa Al Hammadi - CEO & Chairman of the board[https://www.dfm.ae/home/issuers/listed-securities/securities/disclosure-details?id=012cafb4-afd8-43bc-bae0-78ba52118f03 Union Properties Board of Directors Meeting Results]
| 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
| revenue_year = Q3 2019
| assets = 5.9 Billion AED
| assets_year = Q2 2018{{Cite web|title=Union Properties|url=https://www.bloomberg.com/quote/UPP:UH|website=www.bloomberg.com|access-date=2018-10-20}}
| num_employees = 5,540
| subsid = ServeU, The FITOUT, Thermo, GMAMCO, Edacom, Dubai Autodrome, EDACOM, Union Holding LLC, Al Etihad Cold Storage LLC, Thermo LLC
| website = {{URL|www.up.ae}}
}}
Union Properties is a real estate development company headquartered in Dubai, United Arab Emirates. Established in 1987 as Union Property Private Limited,{{Cite journal |title=Union Properties |url=https://www.arabianbusiness.com/companies/union-properties-66442.html |journal=Arabian Business}} 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.{{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}} After this acquisition, Dubai Investments will fully own Emicool. The proceeds of the sale went towards restructuring the debts of the company.{{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}} Union Properties also purchased a stake in the Egyptian Palm Hills Company in 2019.{{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}}{{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}}
Subsidiaries
- Dubai Motor City
- Dubai Autodrome
- ServeU
- EDACOM
- The FitOut
- Property Investment
- GMAMCO
- Union Malls{{Cite web|url=https://www.menaherald.com/en/economy/real-estate-construction/union-properties-announces-plans-list-serveu-dfm-second-half-2018|title=Union Properties announces plans to list ServeU on DFM in second half of 2018|website=MENA Herald|language=en|access-date=2018-10-20}}
- Uptown Mirdiff
- UPP Capital Investment{{Cite news|url=https://english.mubasher.info/news/3236366/UAE-s-UPP-Capital-Investment-raises-stake-in-Palm-Hills|title=UAE's UPP Capital Investment raises stake in Palm Hills|access-date=2018-10-20|language=en}}
- 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).{{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}}
- 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.{{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}}
- Top Real Estate Companies 2016 in 13th grade, organized by Forbes Middle East{{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}}
- 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.{{Cite web |date=2020-06-10 |title=FMME Awards 2020: Winners revealed! - Facilities Management Middle East |url=https://www.fm-middleeast.com/events/fm-awards/76701-fmme-awards-2020-winners-revealed |access-date=2024-09-11 |language=en-US}}
- Best Real Estate Company 2016 in thirteenth grade, organized by Forbes Middle East[https://www.kachaf.com/wiki.php?n=5ed53f16b4d0a03c2a77da62 Aletehad al-aqarya, kachaf .]
- Awarded “Best Tall Building Middle East & Africa” from the Council on Tall Buildings and Urban Habitat in 2011.[http://www.skyscrapercenter.com/building/the-index/387 CTBUH Awards, skyscraper center ]