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Shareholders call for dismissal of board of Dubai’s Union Properties

Shareholders call for dismissal of board of Dubai’s Union Properties

Dubai developer confirms that proposal will be on agenda at annual assembly meeting on October 26 Dubai developer Union Properties on Thursday confirmed that two groups of shareholders have called for the dismissal of the board of directors. In a filing to Dubai Financial Market, the company said that a proposal to reconstitute the board

Dubai developer confirms that proposal will be on agenda at annual assembly meeting on October 26

Dubai developer Union Properties on Thursday confirmed that two groups of shareholders have called for the dismissal of the board of directors.

In a filing to Dubai Financial Market, the company said that a proposal to reconstitute the board will be one of the topics on the agenda at the general assembly meeting, which is scheduled to take place on October 26.

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The call came from two groups of Union Properties shareholders – each representing 5 percent of the shareholder base, the filing said.

Union Properties said that it had received an email from the Securities & Commodities Authority to introduce the proposal for the dismissal of the board.

The announcement comes as the developer has been stepping up its activity in the Dubai real estate market and has launched two projects in Motor City in the past few weeks including Motor City Views (pictured below).

In August, Union Properties said it saw profits increase by 483 percent in the second quarter of the year, in comparison to Q1 as Dubai’s real estate market continued to recover from the impact of coronavirus.

Union Properties posted an AED5.6 million net profit for the first quarter of the year, back in May, turning around a AED121.9 million loss for the same period in 2020.

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