China State Construction Wins USD2.18 Billion Motor City Project in Dubai
Zhang Xia
/SOURCE : Yicai
China State Construction Wins USD2.18 Billion Motor City Project in Dubai

(Yicai Global) Sept. 15 -- China State Construction Engineering Corporation (Middle East) has inked a letter of intent with the United Arab Emirates developer, Union Properties [DFM:UPP], on joint development project worth USD2.18 billion in Dubai Motor City. Both parties will sign the formal contract in the first quarter of 2018, reported Jiemian.com today. 

According to the project plan, 44 high and low buildings, more than 150 villas, as well as commercial, entertainment, medical and other related facilities will be constructed within four years. Upon completion of the project, China State Construction Engineering Corporation (Middle East), the contractor, is expected to provide about 18,000 apartments and hotel units for Dubai Motor City.

Union Properties, a local developer in United Arab Emirates founded in 1987, went public in 1993, and its main development and investment projects are concentrated in Dubai.

With motor sports as its theme, Dubai Motor City has a variety of formats and owns Formula One racing park and Dubai Autodrome in addition to residential, retail, office and other areas. The Dubai Autodrome has 5.39 km of track certified by FIA (Fédération Internationale de l'Automobile), and was opened in 2004. However, due to the 2008 financial crisis, other projects of the motor city entered a period of stagnation. The project cooperated with China State Construction Engineering Corporation (Middle East) could upgrade Dubai Motor City.

Since it entered the UAE in 2003, China State Construction Engineering Corporation (Middle East) has gradually expanded its business to six Gulf countries (UAE, Oman, Bahrain, Qatar, Kuwait and Saudi Arabia). The total amount of contracts created by China State Construction Engineering Corporation (Middle East) has so far reached USD7 billion.

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Keywords: China State Construction Engineering Corporation (Middle East) , Union Properties , Dubai , Motor City