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Wed 10 Dec 2008 07:03 PM

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Rich List-Omar Ayesh

Rich List-Omar Ayesh

The founder of Tameer Holding, a UAE-based real estate developer, stepped down as president of the company in May this year.

"It's high time the company's executive managers take over the responsibilities of the daily management of the firm, and follow up the plans laid by the company's board of directors," Ayesh said in a statement. As a partner and member of the board, Ayesh will continue to take care of strategic issues at the Sharjah-based developer.

Ayesh has since launched Nobles Properties, a billion dollar real estate investment company which will soon announce projects worth another $500m in various parts of the Middle East.

Aside from the UAE, Nobles has also identified three projects in Libya - a country which is coming out of economic and political isolation.

The company has already announced a $849m project involving three towers to be built in Tripoli, the country's capital. It has signed an agreement with Oya Tourism Investment and Development, a subsidiary of Libya's Economic and Social Development Fund (ESDF), to develop Tripoli Towers.

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