Union Properties, a leading developer in the UAE, is set to sign an agreement with China National Chemical Engineering Company for the expansion of its flagship Dubai Autodrome project.

The Dh200 million ($54.4 million) contract is aimed at helping the growth of Dubai Autodrome and supporting Union Properties’ presence on the local, regional and international level, said the Emirati company in a statement.

An ideal destination for racing and car enthusiasts, Dubai Autodrome includes a number of race tracks with international specifications that are the only ones of its kind in the emirate.

It has hosted world races including the FIA GT Championship, the European Touring Car Championship, the A1 GP race, the GP2 Asia race, the Lamborghini Super Trofeo Middle East race, the MRF challenge, the porsche GT3 Cup Challenge ME, the Radical Middle East Cup and the Hankook 24-hour Dubai Endurance Race.

Union Properties said its executive management has prepared a plan to convert the following three subsidiaries into private joint stock companies: ServeU, The FITOUT and Dubai Autodrome.

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.

Speaking on the occasion, CEO Khalifa Al Hammadi said these strenuous efforts come in the context of the vision of the rational leadership of the UAE in promoting the flexible and favourable economic environment for the developement and growth of the companies.

The decision to expand the Dubai Autodrome project comes in the context of expectations for the growth of the tourism sector in the state supported by Expo 2020 and the effort of tourism promotion carried out, he added.-TradeArabia News Service