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Union Properties' Naser Butti Bin Yousef reverses resignation

Developer says chairman says to stay on until end of term in April 2020, days after contending fake news on social media

Union Properties is listed on the Dubai bourse.
CW Archives
Union Properties is listed on the Dubai bourse.

Dubai Financial Market-listed real estate developer Union Properties – the master developer behind Dubai Motor City – said its chairman, Nasser Butti Bin Omeir Bin Yousef, had reversed his decision to resign from the company, with plans to continue in his role until the end of his term in April 2020.

In a missive to DFM, Union Properties said board member and managing director, Ahmed Youssef Khoury, welcomed Bin Yousef’s decision.

Union Properties’ latest announcement follows its 26 September 2019 statement lsamming “false news” that it said had circulated on “some social media channels concerning the company’s operations and its board of directors”.

Calling the online discussions “groundless statements”, Union Properties’ statement called on investors “to avoid contributing to the dissemination of incorrect information”.

Commenting at the time, Khoury said: “All Union Properties transactions undergo an independent audit by external companies that are approved by relevant government entities.

“We will pursue to work with the authorities to identify and take legal actions against those who are disseminating false news.”

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