Dubai – Mubasher: Union Properties (UP) announced that its board of directors (BOD) has held its meeting on Thursday where it approved the company’s new vision.
According to the the company’s statement issued on Sunday, the new vision aims at improving the company’s performance and enhancing its position in the real estate development industry.
“We are more optimistic than ever, and the coming period will witness a huge development in the company's business and projects,” said the company’s chairman Naser Butti Omair bin Yousef.
UP is working very hard to develop the strategic plan for all its subsidiaries, which will lead to maximising their profits, and consequently, the overall performance of the parent company, Omair added.
Omair stressed the importance of the executive management in achieving the company’s strategic goals and message through applying an effective managerial style in accordance with the highest regional and international standards.
Union Properties is set to hold its ordinary general meeting (OGM) on Thursday 25 May to fill the three vacant seats in its board.
In its last meeting, the BOD appointed Naser Butti Omair bin Yousef as chairman, and Hamad Abdullah Mohammed Abdullah AlMas as deputy chairman.
Problems commenced within the board on who will take over the role of chairman, following the latest OGM which approved cash distributions to shareholders.
In April, the OGM approved the election of a new board that included Hamad Abdullah Mohammed Abdullah AlMas, Mohamed Abdul Aziz Ali Abdullah Al Owais, and Raja Mohammed Ghanim Saeed AlMazrouei.
The company’s general manager Ahmed Khalaf Al Marri recently said that Union Properties is considering a restructuring plan that remains subject to the approval of the new board.
