Dubai – Mubasher: The board of Union Properties has elected Khalifa Hassan Ali Saleh Al Hammadi, an uncontested candidate, as the company's chairman, according to a disclosure to the Dubai Financial Market (DFM) on Monday.

The board also agreed on appointing Fathie bin Ghrira as vice chairman, by majority through secret voting, and Abdullah Al Rustumani as the company's acting general manager.

It is noteworthy to mention that during the ordinary general meeting (OGM) held on 18 June, the shareholders rejected a proposal for the use of the statutory reserve of not exceeding AED 332.9 million to decrease its accumulated losses.