Dubai – Mubasher: Union Properties is in the final stages of signing a memorandum of understanding (MoU) with China National Chemical Engineering Group Corporation (CNCEC) to expand Dubai Autodrome at a value of around AED 200 million.

The expansion of Autodrome, the UAE’s first fully integrated multipurpose motorsport and entertainment facility, aims to promote growth of Dubai Autodrome company and strengthen the position of Union Properties locally, regionally, and internationally, according to a statement to Dubai Financial Market (DFM) on Sunday.

The CEO of Union Properties, Khalifa Hasan Ali Saleh Al Hammadi, remarked that this step came amid the expectations of growth in the UAE’s tourism sector backed by Dubai Expo 2020.

Meanwhile, the company’s executive management has set a study to transform three of its subsidiaries, namely ServeU, The Fitout, and Dubai Autodrome, to joint stock companies.