The CEO and managing director have both left real estate firm Omniyat Properties, Arabian Business can reveal.
CEO Peter Walichnowski has stepped down from the helm of the UAE developer which in November said it was axing a third of its staff and delaying AED8bn of projects. His departure follows earlier news that managing director Alex Andarakis had left the firm by mutual agreement.
Omniyat chairman Mehdi Amjad is understood to have stepped into Walichnowski’s shoes.
When contacted by Arabian Business on Tuesday, Walichnowski refused to confirm whether he had left the company.
In a statement issued later on Tuesday, Mehdi Amjad, group founder and executive chairman, said: “Peter has contributed significantly to Omniyat since he joined us, and we have greatly benefited from his experience and knowledge.
“However, the global financial downturn demanded a shift in strategy from growth to consolidation, and to the delivery of our existing projects. Thus, Mr. Walichnowski and Omniyat Properties have reached a mutual agreement for him to leave at the end of his contract.”
In November, Dubai-based Omniyat said it had delayed six future projects worth around AED8bn such as a hotel development at the Dubai Waterfront.
Omniyat is the developer behind projects including the cube-shaped Opus which was launched in May and is under construction in Business Bay.
Before joining Omniyat, Walichnowski was CEO of private real estate firm Skylan Group, which had operations in China, Japan and South Korea.
Prior to Skylan, he was CEO of Majid Al Futtaim Investments in Dubai where he led the growth of the company across the MENA region including the development of Mall of the Emirates, the massive retail and leisure centre in Dubai.
Walichnowski started his career with Australian property giant Lend Lease where he held senior positions over 19 years.
He also sat on the board of the UK’s largest developer Land Securities.
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