Sulaiman Al Fahim replaced as Hydra Properties CEO

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Sulaiman al Fahim, the UAE tycoon at the centre of a deal to buy Portsmouth Football Club, has been replaced as chief executive of Hydra Properties, it emerged on Wednesday.

Al Fahim will become a member of the company’s board of directors, said Ahmed Khalil, Hydra’s commercial director, while Ali bin Sulayem of Hydra’s parent company, Royal Group, will replace him as chief executive.

“Dr Fahim did an amazing job of getting Hydra Properties to where it is in a few years,” he said in comments published by UAE daily The National.

“Dr [al Fahim] has been promoted for all the good work he has done.”

The surprise move comes just two weeks after Ali Bin Sulayem, a board member of The Royal Group, the parent company that owns Hydra, said Al Fahim would stay on as CEO, despite his new role at Portsmouth FC.

“The board and chairman are fully satisfied with Sulaiman Al Fahim’s performance over the last three years at Hydra Properties. We are fully confident of his management during this property crisis, and we are here to support Al Fahim and his management team,” he said at the time.

Hydra Properties has faced a barrage of complaints from investors in Hydra Village, a residential development near Abu Dhabi International Airport, which is two years behind schedule.

Last month, Arabian Business revealed how Al Fahim had signed an agreement to buy Portsmouth, a Premier League club, a deal that is going through the due diligence process at the moment.

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Posted by: Jamison

I believe that sulaiman was on the right track. But when the crisis came around he was one of the ones that got struck hard. Royal Group as a Whole is a pretty reliable group, my dad's done much business with companies in royal group such as Hydra Trading which is a supplier of Aircrafts and the likes . We have also bought two units in suroh's suntower which i believe is part of Royal Group. they promised to deliver in December of this year, and now theyre claming to deliver prior to then.

Posted by: roy

it is better for Hydra to give the Compensation for all the investors with the full refund to gain the name in the market

Posted by: Sam

People are so fed up with Mr. Fahim. i consider my investment in Hydra , by far, the worse investment move of my life. and all due to his lack of skills and capability to run Hydra. good move

Posted by: Bill Cadence

It has been long overdue. Fahim has done little except cause anger and despair amongst investors who have put millions into his projects. To date little has been built and Hydra Properties has run short of cash. Hydra has been a disaster for anyone involved. Every press release has proved to be false. Mr. Khalil claims "Dr Fahim did an amazing job of getting Hydra Properties to where it is in a few years". He certainly did! No one could have managed the company any worse! Fahim paid little attention, achieved nothing and made a potentially successful company the laughing stock of Abu Dhabi I hope the Royal Group can recover the situation and sort out the mess to save their own reputation.

Posted by: Hans

Al Fahim is a Trump wannabe that wants all the glitter and attention, which is not necessarily bad, if he delivers the goods as promised. He can't deliver the goods as many people in this industry are just talk but no concrete action. Frankly, I have lost faith in local media which caters to competing local egos and is a press-release mill, dominated by business interests. I wonder if he will be assisting Paris Hilton with her new show? I wouldnt be surprised.

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