Dubai Financial Market-listed (DFM) real estate developer Union Properties has appointed its chief executive officer, Khalid Al Hammadi as the vice chairman in line with the resolutions passed by the company’s board of directors.
In December 2019, Al Hammadi was appointed as the developer’s chief executive officer, with the company having announced the termination of its managing director Ahmed Yousef Abdulla Hussain Khouri at that time.
The developer, which is working on the Dubai Autodrome expansion project alongside China National Chemical Engineering Corporation (CNCEC), posted a net loss of $59.6m (AED218.8m) in 2019.
Revenues at the developer for 2019 reached $145.8m (AED535.5m), which glided by 29.7% from $207.5m (AED762.1m) in 2018, Union Properties revealed in its preliminary financial results shared on DFM.
October 2019, saw the developer behind Motor City, Green Community in Dubai Investments Park, and Uptown Mirdiff announce its chairman, Nasser Butti Bin Omeir Bin Yousef’s decision to reverse his resignation from the company, with plans to continue in his role until the end of his term in April 2020.