The chairman of Dubai-based developer Union Properties, has submitted his resignation to the board.
In statement to the Dubai Financial Market, the developer said Butti Omair Bin Yousuf Al Mheiri wished to step down “due to personal circumstances”.
The Union Properties board will now meet on Thursday to take up the request.
Local social media circles were ablaze with rumours about Al Mheiri, which led Union Properties to issue a statement against “rumour” spreading.
“Union Properties has denied what is being circulated on some social networks in relation to the company’s business activities and its board of directors, which would negatively affect trading in UAE capital markets as well as the economic security,” the statement said.
Its managing director, Ahmad Khoury, said: “The company operates in accordance with UAE laws and regulations and as per the Securities and Commodities Authority and Dubai Financial Market regulations.
“All transactions are subject to external audits by independent companies approved by competent authorities. The company will take all legal procedures and will file a case to prosecute rumour mongers and refer them to the competent authorities.
“The UAE laws hold accountable all promoters of rumours and false news, and economic rumours are more dangerous to society because of the resulting losses to companies and investors, and the damages to the reputation of companies and the economy.”
In April 2017 Al Mheiri took up the chairman post at Union Properties, following the ousting of Khalid Bin Kalban, who was instrumental in steering the company through the 2009 property downturn.
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