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Ahmed Khouri confirmed as MD of Dubai's Union Properties

Former CEO Ahmed Yousef Khouri's appointment comes as the property developer approves plans to issue a $136m sukuk

Ahmed Yousef Khouri, Union Properties.
Ahmed Yousef Khouri, Union Properties.

Ahmed Yousef Khouri has resigned from his position as chief executive officer of Union Properties to take the helm as the Dubai-headquartered firm’s managing director.

Khouri’s appointment was approved by the development company’s board of directors.

The new managing director has been with the company since July 2017.

Additionally, Union Properties revealed it had approved plans to issue a sukuk worth $136m (AED500m).

READ: Chinese giant starts work on $2bn revamp of Dubai's Motor City

In filing issued to Dubai Financial Market, Union Properties said its board had directed the executive management team to complete all requirements for the issuance.

Union Properties’ portfolio in the UAE includes Union House, Dubai Motor City, and Green Community – Dubai Investments Park.

In October 2017, the developer announced plans to develop its first project in Abu Dhabi's Al Dhafra Region.

Project details were revealed during a meeting held by a UP delegation, led by chairman Naser Butti Omair bin Yousef, and HH Sheikh Hamdan bin Zayed Al Nahyan, the Ruler's Representative in Al Dhafra Region.

Al Dhafra Beach, which overlooks the Arabian Gulf, is a multi-use residential project with a total area of 300ha that includes a luxury five-star beach resort, in addition to villas, residential buildings, health, education, and entertainment facilities, and a canal.

Work also began this March on Union Properties’ Zawaya, a mixed-use development, in Motor City, as part of its $2.1bn (AED8bn) strategy to develop a new master plan for the neighbourhood.

Chinese contracting giant, China State Construction Engineering Corporation Middle East (CSCEC ME), is delivering excavation works for the development.

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Construction Week - Issue 729
Feb 14, 2019