New CEO named at Dubai's Union Properties

The Dubai-based real estate developer revealed its new chief executive officer in a bourse statement

Union Properties' portfolio includes First Avenue.
Union Properties' portfolio includes First Avenue.

Union Properties has named a new chief executive officer (CEO). 

Ahmed Yousef Abdulla Hussain Khouri has taken over as the real estate development firm's CEO, according to a bourse statement. 

The company made the announcement in filing to Dubai Financial Market (DFM) on 16 July, 2017. 

This February, Union Properties announced that its profits declined by half in 2016, to $57m (AED211.4m), from $118m (AED434.6m) in 2015.

The developer, which boasts First Avenue mall and hotel (pictured) and Motor City in its portfolio, faced a drop of 51% in full year 2016. 

Last December, the firm confirmed it has renewed plans to build a $163m (AED600m) motor racing theme park in Dubailand.

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