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Mon 17 Jul 2017 09:26 AM

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Dubai’s Union Properties appoints first CEO in eight years

Company said Ahmed Yousef Abdulla Hussain Khouri will take over as CEO from Monday

Dubai’s Union Properties appoints first CEO in eight years

Union Properties has appointed its first chief executive officer since 2009.

In a statement posted on Dubai Financial Market, the developer said it has appointed Ahmed Yousef Abdulla Hussain Khouri as the new chief executive, effective Monday.

The previous CEO Simon E Azzam, who worked with the company for 23 years, resigned in June 2009.

In May, Nasser Butti Umar bin Yousuf was voted by majority as chairman, replacing Khalid Jassim Bin Kalban.

Following the appointment of a new chairman, company general manager Ahmad Al Merri, in a press briefing, said the decision to replace the bin Kalban was taken at the board of directors meeting which took place after the annual general meeting on April 26.

“During the meeting, a new chairman and vice-chairman were elected and thereafter the three directors announced their verbal resignations,” he said but did not give any information on what prompted the change in management.

In an interview with Arabian Business in December 2016, Kalban said he was appointed chairman in 2008 to turnaround the firm that was struggling to survive the onslaught of the world financial crisis.

The developer reported a first quarter 2017 net profit of $11.56 million (AED42.47m) compared to $11.46m (AED42.09 million) same period last year.

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