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Tue 1 Oct 2019 08:34 AM

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Union Properties chairman withdraws resignation

Butti Omair Bin Yousuf Al Mheiri resigned last month due to 'personal circumstances'

Union Properties chairman withdraws resignation
It comes just months after Union Properties announced the expansion of the Dubai Autodrome Business Park project in Dubai MotorCity, with a total investment of AED25.5 million ($6.9m).

Union Properties chairman Butti Omair Bin Yousuf Al Mheiri has reversed his decision to resign from the Dubai-based developer.

Al Mheiri tendered his resignation to Dubai Financial Market (DFM) last month “due to personal circumstances”.

However, a further statement to DFM this week revealed his resignation had been withdrawn and he will now continue as company chairman until the end of his term in April 2020.

It comes just months after Union Properties announced the expansion of the Dubai Autodrome Business Park project in Dubai MotorCity, with a total investment of AED25.5 million ($6.9m).

Work has commenced on the second phase of the project, a purpose-built facility for racing teams and other motorsport related businesses. 

Scheduled for completion in February 2020, the second phase has already secured 100 percent bookings ahead of construction.

Al Mheiri took up the chairman post at Union Properties in April 2017, following the ousting of Khalid Bin Kalban, who was instrumental in steering the company through the 2009 property downturn.

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