Dubai's Union Properties appoints Khalifa Al Hammadi as CEO
Developer terminates MD, Ahmed Yousef Abdulla Hussain Khouri, who retains position as member of the firm's board
Dubai Financial Market-listed (DFM) real estate developer Union Properties has announced the appointment of Khalifa Hasan Ali Saleh Al Hammadi as the company’s new chief executive officer.
In a stock market missive, the company also announced the termination of Ahmed Yousef Abdulla Hussain Khouri as the managing director of the group, with Khouri retaining his position as a member of the board of directors.
The developer posted a net loss of $44.6m (AED163.9m) for the nine-month period ending on 30 September, 2019. Furthermore, the company’s net loss for Q3 2019 stood at $22.2m (AED81.6m).
In October 2019, the developer noted 30% completion on its Autodrome Business Park Phase 2, which the company claims is the UAE’s first fully integrated multipurpose motorsport and entertainment facility. The project is on-schedule to be delivered in February 2020, according to Union Properties.
Earlier, Union Properties' chairman, Nasser Butti Bin Omeir Bin Yousef, had reversed his decision to resign from the company, with plans to continue in his role until the end of his term in April 2020.