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11 October, 2017
Dubai-listed company, Union Properties (UP), is set to develop its first project in Abu Dhabi’s Al Dhafra Region.
Project details were revealed during a meeting held by a UP delegation, led by chairman Naser Butti Omair bin Yousef, and HH Sheikh Hamdan bin Zayed Al Nahyan, the Ruler’s Representative in Al Dhafra Region.
During the meeting, Yousef presented UP’s projects to Sheikh Hamdan, including plans for the Al Dhafra Beach project.
Al Dhafra Beach, which overlooks the Arabian Gulf, is a multi-use residential project with a total area of 300ha that includes a luxury five-star beach resort, in addition to villas, residential buildings, health, education, and entertainment facilities, and a canal.
The project also includes open spaces for parks and other green features, in addition to a shopping centre.
According to WAM, Sheikh Hamdan said the project is “an exemplary investment in public housing, which will provide available services required by the emirate’s residents”.
This February, UP announced that its profits declined by half in 2016, to $57m (AED211.4m), from $118m (AED434.6m) in 2015.
The developer, which boasts First Avenue mall and hotel and Motor City in its portfolio, faced a drop of 51% in 2016.
Last December, the firm confirmed it has renewed plans to build a $163m (AED600m) motor racing theme park in Dubailand.