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UP to venture into retail

March 18, 2014 10:14 am

Union Properties (UP) is planning to make its foray in the retail business, with mall projects around its communities, existing and new ones, Gulf News has reported. “Because the nature of retail sector in Dubai is rock-steady, you have the sharp upturns and the downside is never an extended one, which was clear enough during the financial crisis,” said Khalid Bin Kalban, chairman of UP. “We looked at our land bank and saw there were opportunities to anchor the community developments with retail stock of our own,” he said. “The focus on retail also ties in with our target of enhancing income from our rental portfolio, which is currently at 20% and which we would like to raise to 50%.”