Khalifa Hasan Ali Saleh Al Hammadi appointed chair of Union Properties

Khalifa Hasan Ali Saleh Al Hammadi has been appointed chairman of Dubai-based developer Union Properties.

Al Hammadi, who was appointed as vice chairman and chief executive officer of the Dubai Motor City developer in December last year, was elected chairman at the company’s board of directors meeting this week.

He is also chairman of Gulfa Mineral Water and Manufacturing Industries Company PJSC.

Al Hammadi has extensive experience in the financial sector and banking, investments, real estate and IT.

The new board members for Union Properties are as follows: Fathi Ben Abdul Sattar Ben Grira, vice chairman (elected by majority through secret voting); Dahi Yousef Ahmed Abdulla Al Mansoori, Jorg Klar, Mohamed Fardan, Ali Al Fardan, Darwish Abdulla Ahmed Al Ketbi and Abdul Wahab Al Halabi.

In February this year, Union Properties announced AED218.8 million ($59.5m) net losses for 2019, blaming bank financing costs and a “stagnation” in the real estate sector.

The losses were compared to a net profit of AED62.3m in the previous year.

While in March, the company announced that it was in the final stages of signing a memorandum of understanding with China National Chemical Engineering Limited (CNCEC) for the Dubai Autodrome expansion project valued at approximately $54.5m.