Union Properties to sign MoU with China's CNCEC for Dubai Autodrome expansion

The contract value is 200 million UAE dirhams

  
Image used for illustrative purpose. Mohammed Ben Sulayem crashes his Renault F1 car during testing at the Dubai autodrome, April 9, 2009. The testing was part of the Renault F1 Roadshow taking place in Dubai. REUTERS/Frederic Lefloch

Image used for illustrative purpose. Mohammed Ben Sulayem crashes his Renault F1 car during testing at the Dubai autodrome, April 9, 2009. The testing was part of the Renault F1 Roadshow taking place in Dubai. REUTERS/Frederic Lefloch

REUTERS/Frederic Lefloch

Dubai’s Union Properties is in final stages to sign a memorandum of understanding (MoU) with China National Chemical Engineering company, targeting a new expansion at the Dubai Autodrome project.

The contract value is 200 million UAE dirhams ($54.45 million), helping the growth of Dubai Autodrome and supporting Union Properties’ presence on the local, regional and international level, the company said in a statement.

The company’s executive management has also prepared a plan to convert the following three subsidiaries into private joint stock companies: ServeU, The FITOUT and Dubai Autodrome, the statement said..

Dubai Autodrome is a motorsports venue in Dubailand while ServeU is a facilities management company and the Fitout is a company that provides interior solutions.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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