Dubai: Union Properties is calling in shareholder approval to allow foreign investors to pick up to 49 per cent of shares in the company. This is to be decided at a general assembly meeting on May 17, where the amended articles of association will be presented.

Meanwhile, the general assembly will also vote to “open candidacy” for three new directors on the board to fill the vacancy created by the dismissal of its former chairman, Khalid Bin Kalban, and two others.

If the proposal to raise the foreign ownership limit goes through, and there is nothing to suggest it won’t, it will become the second UAE developer in recent weeks to raise the ceiling to 49 per cent. Aldar had earlier gone through the process, raising it from 40.

In Union Properties’ case, it is a much higher jump — from 25 per cent. Foreign investors held 5.71 per cent of UP’s shares, as of close of trading on April 25.

Concerted moves are on at the individual developer level and within the wider Dubai property market to allow foreign funds and institutional investors a higher exposure.

Union Properties had record net profits of Dh180 million for the first quarter of 2018, a substantial gain from the Dh42,5 million in the same period a year ago.