Grand Real Estate general manager resigns

The company has seen losses for more than a year. Photo: Getty.

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The general manager of Kuwaiti developer Grand Real Estate has resigned, a note to the Dubai stock exchange has revealed.

The company made the disclosure last Thursday that Hussain Ali Zaman is to step down with effect from 1st December.

Grand Real Estate, based in Kuwait, is a developer and manager of high-end and luxury buildings. This includes the construction of tourism and leisure facilities in open land, the marketing of hotels and other services, property management as well as government projects. The company has a diverse share portfolio across real estate, tourism and entertainment. It is dual listed in Dubai and Kuwait.

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Projects includes the Al Mohannad Tower in Sharjah, Al Noor City outside Khartoum in Sudan and Bahrain Business Bay in Manama, and mixed-development project composed of two buildings linked with a high bridge.

The company posted a net loss of KD13.6 million for the first half of this year, a decline from a net loss of KD2.05 million a year earlier. This represents a loss per share of 29.9 fils for the first six months of 2010, compared to 4.52 fils for January-to-June 2009.

The company’s stock value has more than halved since the beginning of March, falling from KD48.5 on 4th March to close at KD22 at the end of last week.