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Wed 16 Sep 2009 07:50 PM

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Sorouh confirms resignation of CEO

UPDATE 1: Mounir Haider to leave role at Abu Dhabi's second largest listed developer next month.

Sorouh confirms resignation of CEO

Sorouh Real Estate, the Abu Dhabi-based real estate developer, on Thursday confirmed Mounir Haidar will resign from his position as chief executive officer next month.

No replacement of the CEO position in the new organisational structure is planned, the company said in a statement on the website of the Abu Dhabi Securities Exchange.

Abubaker Al Khouri will continue to lead the company as managing director. Gurjit Singh, currently chief development officer, is promoted to chief operating officer, the statement added.

Saeed Eid Al Ghafli, chairman of the board said: “The Board expresses its sincere thanks to Mr Haidar and wishes him well in the future.”

Haidar added: “I am proud to have led Sorouh through the first years of its formation, into a regionally recognised and respected real estate company and one which has created tangible value for shareholders. Today Sorouh has an impressive portfolio of prime property developments.

“This is the right time to hand over the reins and seek new challenges and opportunities. At this juncture of my career it is the right time to move on. I leave behind a very solid company with a strong balance sheet and a world class management team.” Haider is the latest executive to leave a UAE property firm as the Gulf country's real estate sector suffers from a sharp slowdown as a result of the global economic downturn.

Earlier in September, Dubai's Damac Properties chief executive Peter Riddoch resigned and in February Dubai's Nakheel chief financial officer Kar Tung Quek left his position at the end of his contract.

In August, Sorouh appointed Richard Amos as new chief financial officer, after Ala Khannak resigned in February.

John Hopley replaced Khannak temporarily.

Dubai's real estate sector has been hit harder than Abu Dhabi, as property prices fall, construction projects are scaled back and jobs are cut.

Sorouh is Abu Dhabi's second-largest listed developer by market capitalisation.

The firm posted a second-quarter net profit of 150.98 million dirhams ($41.08 million), down 75.5 percent from the year-earlier period.

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AH 11 years ago

Usualyl such mass CEO resignations precede a crisis in the industry. This time around the CEO's seem to be leaving just as expectations for a recovery are gaining momentum. Could we be in for another fallout? Something does'nt smell right!