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UAE developer Union Properties has elected Mohamed Ali Al Fardan as the new chairman of the board, the company confirmed in a disclosure to the Dubai Financial Market (DFM).
In a meeting on Wednesday morning, the board of directors also picked Abdul Wahab Al Halabi as the vice chairman and formed the permanent committees for the board of directors.
The move comes about a month after the Dubai-based real estate developer announced the dismissal of its chairman and three other board members on claims of financial irregularities.
The UAE Attorney-General, Hamad Saif Al Shamsi, confirmed last October that an investigation into the real estate developer has kicked off after the Securities and Commodities Authority lodged complaints against Union Properties’ chairman, Khalifa Hassan Al Hammadi, and other executives.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
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