Latest news with #UnionProperties
Zawya
4 days ago
- Automotive
- Zawya
Dubai Autodrome to stage a packed motorsport season after historic landmark campaign
Dubai: Dubai Autodrome General Manager Faisal Al Sahlawi has said the new 2025/26 motorsport season will be one of its busiest after reflecting on an 'incredible' milestone campaign that attracted a record-breaking attendance at 24H Dubai during its 20th anniversary celebrations. Dubai Autodrome, a subsidiary of Union Properties, recently closed out its season after hosting more than 15 racing competitions over the last six months. Among the events that took place include the annual endurance motorsport competition, 24H Dubai, which saw more than 70 teams, including the largest GT3, as well as the fifth Asian Le Mans, Formula Regional Middle East Championship, Formula 4 Middle East Championship, Formula Woman Nations Cup and other several regional motorsport events. Furthermore, the venue held more than 80 motorcycle and car track days, and 20 roll racing events for the local community. The season was part of Dubai Autodrome's 20th anniversary, which was celebrated at the 24H Dubai, and Al Sahlawi believes the upcoming season which will start in October solidifies the venue as a leading destination for motorsport and entertainment in the region. He said: 'We are very pleased with the recent motorsport season, which coincided with the 20-year celebrations of Dubai Autodrome. Overall, there was exciting and competitive racing on the track with bigger grids and an array of top international and regional drivers in action, while off the track, there was a record number of spectators for the 24H Dubai with more than 30,000 attendees for this flagship event. This shows that motorsport is growing in the UAE and is going from strength to strength, which bodes well for the future.' He added: 'Planning is already underway for the new 2025/26 season, and it will be one of the busiest seasons at Dubai Autodrome, as we have the Gulf Historic back, where iconic 1960s cars and historic F1 cars from the 70s and 80s will all be on display, as well as top racing on the track. There will also be four international races, including the 24H Dubai, and an array of top regional and local motorsport competitions where we expect to have a greater number of participants during the course of the season.' Off the track, Dubai Autodrome's motorsport season is also contributing to the country's economic growth. Al Sahlawi said: 'Overall, we had approximately more than 55,000 people be part of our motorsport events from race teams, drivers, and officials, and that saw airlines, hotels and hospitality services benefit greatly, especially with their families and friends also travelling. 'Not only are we pleased to be playing our part to support the UAE's growth beyond the motorsport races but is also a testament to the success of Union Properties' vision of enhancing Dubai Autodrome's position as a leading motorsport hub in the region.' Media Contact: Seven Media Denzil Pinto denzilpinto@ About Dubai Autodrome Completed in 2004, the 'Dubai Autodrome', a subsidiary of Union Properties, was the UAE's first fully-integrated multipurpose motorsport and entertainment facility. At the heart of the Union Properties MotorCity development, it includes an FIA-sanctioned 5.39km circuit with six different configurations, a race school, indoor and outdoor karting tracks, the Grandstand Retail Plaza, the Motorsport Business Park, and a paddock hospitality zone overlooking the track.
Arab News
14-05-2025
- Automotive
- Arab News
Dubai-based racing talent targets F1 goals after ‘milestone' Alpine move
DUBAI: A young UAE motorsport driver hopes his move to Alpine Academy can help him achieve his goal of racing in Formula 1 in the future. For the latest updates, follow us @ArabNewsSport Dubai-based Keanu Al-Azhari, 17, recently joined F1's Alpine Academy and will race for Hitech GP in the GB3 Championship this year after two seasons in Formula 4. He praised Dubai Autodrome, a subsidiary of Union Properties, for its role in his sporting development. Al-Azhari described his move to Alpine Academy as a 'milestone' achievement, especially as he comes from a racing family. The 17-year-old is now looking forward to the latest chapter in his racing journey, hoping it can eventually lead to a seat in the pinnacle of motorsport — Formula 1. 'Joining Alpine is a big milestone in my career and a reflection of all the hard work that I have put in,' he said. 'I'm really proud to be part of the Alpine family, and they will help develop me during my junior single-seater career. Hopefully, this move will be another step toward reaching my career goal of reaching F1 one day, as that is my dream. It's going to be a tough few years, but I am ready to show everyone what I have now.' Al-Azhari has made an impressive start to his motorsport career. Last year, he secured four wins, nine podiums and five pole positions, finishing runner-up in the Formula 4 Spanish Championship, while in the Formula 4 UAE Championship in the same year, he earned two wins, five podiums and four pole positions to secure third place overall. Before getting behind the wheel, he came through the ranks in karting at Dubai Kartdrome, where he was part of its DAKA program, and raced in some prominent competitions, including the IAME Series UAE. His fond memories of the venue came at a very early age, having followed his father, Karim, in his motorsport journey. Al-Azhari also spoke of his gratitude to Dubai Autodrome for supporting his career. He said: 'The Dubai Autodrome and Kartdrome have been a big part of my life. My first memories of going to the track were at a very young age, when I was 3 years old, when my dad, Karim Al-Azhari, was racing in local competitions. After finishing my karting career, it was the place where I learned how to drive a racing car and got my racing license. 'I have taken to the track and driven in so many different layouts of the track, which helped me develop before I went into the Formula 4 European Series races. I'm really grateful for their support, as they have played a big role in my journey today.' Al-Azhari is among a number of young drivers who have transitioned from karting to motorsport with the help of Dubai Kartdrome. The list includes UAE's Rashid Al-Dhaheri, former Dubai Kartdrome O Plate champion, who recently joined Mercedes' Junior Driver Program; Zack Scoular, competing in British GB3; Jamie Day, an ex-karting champion and part of the Aston Martin drivers' junior team in European Endurance GT3; Edward Jones, who finished third in Indy 500; and Federico Rifai, a multiple-karting champion and former Saudi F4 winner. Having seen Al-Azhari come through the ranks, Dubai Autodrome general manager Faisal Al-Sahlawi said the 17-year-old's rapid progress is a testament to the Dubai Autodrome's efforts to produce future motorsport stars. He added: 'We are extremely pleased to see how far Keanu Al-Azhari has come so early in his career, and we are delighted Dubai Autodrome has played a key role in helping make him the driver he is today. 'Ever since he started coming to Dubai Autodrome, he always had a passion for motorsport and the hunger to succeed in every race, and it is wonderful to see that he still has that commitment. With plenty of years ahead of him, he possesses all the correct attributes to be an even better driver and become a future world motorsport champion. 'We hope many young drivers across the UAE can follow in his footsteps and begin their motorsport journey with Dubai Autodrome.'
Zawya
13-05-2025
- Business
- Zawya
Union Properties enters 2025 with strong financial performance; revenues jump 18% in Q1-25
Dubai: Union Properties began 2025 with positive financial performance, generating an annual increase of 18.20% in revenue to AED 163 million as of 31 March 2025, when compared with AED 138 million. Gross profit jumped by 25.30% to AED 42.80 million in the first quarter (Q1) of 2025 from AED 34 million, backed by enhanced operational efficiency and sustained demand. The group lowered its bank debt by AED 179 million and plans to pay an additional AED 159 million in Q2-25, according to a press release. These repayments build on the AED 723 million settled in 2024, anchoring the group's unwavering commitment to prudent and disciplined financial management and long-term sustainability. Amer Khansaheb, CEO at Union Properties, said: 'Union Properties has entered 2025 with strong momentum, underpinned by a robust first quarter that reinforces the strength of our business model and the trust of our stakeholders.' 'By actively advancing new project launches and realizing value through strategic asset optimization, we are creating a dynamic platform for sustainable growth,' Khansaheb added. He concluded: 'As we look ahead, Union Properties is exceptionally well-positioned to seize emerging opportunities in the UAE's thriving Real Estate sector and play a key role in supporting Dubai's ambition to become a premier global investment destination.' At the end of December 2924, Union Properties achieved net profits worth AED 275.63 million.
Web Release
09-05-2025
- Business
- Web Release
Union Properties Delivers Strong Q1 2025 Results, Revenue Grows 18.2% and Pays Down AED179 million of Legacy Debt
Union Properties PJSC ('Union Properties' or 'the Company') (DFM symbol: UPP) announced its financial results for the first quarter of 2025, reporting a strong start to the year with 18.2% increase in revenue, reaching AED163 million compared with AED138 million in Q1 2024. This revenue growth is expected to continue, supported by strategic initiatives and project launches, with significant increases anticipated each quarter. This solid performance underscores the Company's continued focus on its core operations and the positive contributions of its high-performing subsidiaries across the UAE's Real Estate sector. Gross profit increased to AED42.8 million, representing a 25.3% increase compared to AED34million in Q1 2024, reflecting a strong gross profit growth fuelled by enhanced operational efficiency and sustained demand. Furthermore, Union Properties continues to advance its financial restructuring strategy, targeting enhanced flexibility and long-term sustainability. In Q1 2025, the Company reduced its bank debt by AED179 million and plans to pay an additional AED159 million in Q2 2025. These repayments build on the AED723 million successfully settled in 2024, reinforcing the Company's unwavering commitment to prudent and disciplined financial management and long-term sustainability. Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said: 'Union Properties has entered 2025 with strong momentum, underpinned by a robust first quarter that reinforces the strength of our business model and the trust of our stakeholders. Our solid growth in revenue and profitability—alongside strategic debt management—highlights the effectiveness of our long-term strategic roadmap. By actively advancing new project launches and realising value through strategic asset optimisation, we are creating a dynamic platform for sustainable growth. As we look ahead, Union Properties is exceptionally well-positioned to seize emerging opportunities in the UAE's thriving Real Estate sector and play a key role in supporting Dubai's ambition to become a premier global investment destination.' Union Properties is strategically focused on strengthening its financial position. The Company continues to demonstrate significant progress by actively deleveraging its legacy debt, launching new development projects, and achieving consistent revenue growth, reflecting a balanced and forward-looking strategy. The increase in the admin expenses is reflected in the marketing and sales activation for new developments, accelerating growth and enhancing visibility for upcoming projects. As part of this approach, the Company is actively exploring opportunities to increase liquidity and maximise asset utilisation, reinforcing its ability to stay financially agile and resilient in a competitive market.
Mid East Info
08-05-2025
- Business
- Mid East Info
Union Properties Delivers Strong Q1 2025 Results, Revenue Grows 18.2% and Pays Down AED179 million of Legacy Debt
Union Properties PJSC ('Union Properties' or 'the Company') (DFM symbol: UPP) announced its financial results for the first quarter of 2025, reporting a strong start to the year with 18.2% increase in revenue, reaching AED163 million compared with AED138 million in Q1 2024. This revenue growth is expected to continue, supported by strategic initiatives and project launches, with significant increases anticipated each quarter. This solid performance underscores the Company's continued focus on its core operations and the positive contributions of its high-performing subsidiaries across the UAE's Real Estate sector. Gross profit increased to AED42.8 million, representing a 25.3% increase compared to AED34million in Q1 2024, reflecting a strong gross profit growth fuelled by enhanced operational efficiency and sustained demand. Furthermore, Union Properties continues to advance its financial restructuring strategy, targeting enhanced flexibility and long-term sustainability. In Q1 2025, the Company reduced its bank debt by AED179 million and plans to pay an additional AED159 million in Q2 2025. These repayments build on the AED723 million successfully settled in 2024, reinforcing the Company's unwavering commitment to prudent and disciplined financial management and long-term sustainability. Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said: 'Union Properties has entered 2025 with strong momentum, underpinned by a robust first quarter that reinforces the strength of our business model and the trust of our stakeholders. Our solid growth in revenue and profitability—alongside strategic debt management—highlights the effectiveness of our long-term strategic roadmap. By actively advancing new project launches and realising value through strategic asset optimisation, we are creating a dynamic platform for sustainable growth. As we look ahead, Union Properties is exceptionally well-positioned to seize emerging opportunities in the UAE's thriving Real Estate sector and play a key role in supporting Dubai's ambition to become a premier global investment destination.' Union Properties is strategically focused on strengthening its financial position. The Company continues to demonstrate significant progress by actively deleveraging its legacy debt, launching new development projects, and achieving consistent revenue growth, reflecting a balanced and forward-looking strategy. The increase in the admin expenses is reflected in the marketing and sales activation for new developments, accelerating growth and enhancing visibility for upcoming projects. As part of this approach, the Company is actively exploring opportunities to increase liquidity and maximise asset utilisation, reinforcing its ability to stay financially agile and resilient in a competitive market.
