Dubai – Mubasher: Union Properties’ board proposed to increase the foreign holding limit to 49% from 25%.

The board invited the ordinary general meeting (OGM) to consider the proposal on 17 May, according to a company statement released on Thursday.

A change to the company’s Articles of Association was also proposed, paving the way for the Emiratisation of its board.

The UAE-based developer posted a 324% year-on-year increase in its profits for the first quarter of 2018, registering AED 180 million.