Union Properties

UP wants its brands to grow up and move out. Union Properties (UP) is one of the region's largest publicly-listed real estate developers with year end 2006 market capital of AED6.7 billion (USD2.1 billion). The company is focusing on branding its real estate developments in order to export them to other markets.

The UAE-based company complements its development and investment activities with project management, interior design and fit- out, district cooling, facilities management, hospitality, UP was established in 1987 and listed its shares on the Dubai Financial Market in October 1993.

UP's subsidiaries offer diverse services, demonstrating the integration of the company's real estate activities. The Property Investment division offers real estate development while EdaraEdara, the project management arm of the company, also arranges property and facilities management with ServeU. ThermoThermo is UP's mechanical, electrical and plumbing contractor and Nautilus provides health and fitness services catering to business people. UP owns the Marriot Executive Apartments and the Courtyard by Marriott Green Community DubaiCourtyard by Marriott Green Community Dubai, which are managed by Marriott, and is developing their Green brand for exporting.

UP drove into the motoring world with the USD950 million MotorCity project located in Dubai Land Development. The theme project includes a combination of entertainment, dining and retail within a pedestrian- oriented, multi-use environment. The project includes the Dubai AutodromeDubai Autodrome, which is the region's first fully-integrated motor sports facility that can host a variety of motor sporting activities, Including a complex that features a FIA (Fédération Internationale de l'Automobile) sanctioned 5.39 Km track. UP plans to develop its Motor City brand and export it internationally.

UP adopted another brand in December 2006 by signing a license agreement with Formula One Administration Limited, owners of the Formula One brand. The license agreement gives UP the exclusive rights to develop F1 Theme Parks and around the world.

The first F1 Park in Dubai will be a 5 million square foot (465,000 square meter) development and will include a hotel, F1 Museum, F1 Pavilion, various F1-themed thrills from roller-coasters to F1 grid experiences, simulator rides plus extensive retail and dining outlets. Construction of the Park, which began in April 2007, is due to be completed in early 2009.

To cool the masses in UP's projects and properties, UP entered the district cooling business in December 2006 by setting up the Emirates District Cooling CompanyEmirates District Cooling Company (Emicool) as a joint venture with M'Sharie, a subsidiary of Dubai Investments. Emicool announced the expansion of its infrastructure at a cost exceeding USD681 million over a period of three to five years. The expansion includes the setting up of eight different plant rooms, a complete underground pipe distribution network, as well as energy transfer stations, in order to provide cooling services to "Dubai Investments Park" and "Dubai Motor City" projects.