Dubai Ritz Carlton to be sold by Union Properties
A announcement out in Bloomberg this morning has stated that Union Properties is currently close to completing the sale of its Ritz Carlton Hotel in Dubai, and also has plans to look to dispose of other non-core business assets.
Khalid Bin Kalban, the Chairman of the Union Properties Group was quoted as saying that the developer "got distracted" during the property boom, getting involved in a number of businesses which were not core to the companies proposition. "I don't understand the rationale," he said. "MotorCity was created around the concept of having a superior race arena and many people would question the wisdom of getting involved in that," Bin Kalban went on to say.
This process of rationalisation echoes a number of other similar moves by developers throughout the Middle East in recent times. With companies seeking to reduce non-core assets during the current economic climate.
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