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Union Properties close to selling Dubai Ritz-Carlton

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Khalid Bin Kalban, chairman of Union Properties, has said the firm is close to selling its Ritz-Carlton hotel in Dubai and plans to dispose of other assets after the developer "got distracted" during the property boom, Bloomberg has reported. The company "got involved in so many businesses that were not core.

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 told the news service.

 
 
 
 

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