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)
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