Union Properties CEO resigns

Simon Azzam steps down from top job in UAE property developer after 23 years with company.
Union Properties CEO resigns
TOP JOB: The CEO of Union Properties has stepped down. (ITP Images)
By Soren Billing
Sun 14 Jun 2009 03:34 PM

Union Properties, the Dubai based developer that suspended work on its Motor City theme park in February this year, said on Sunday that its chief executive has resigned.

The company has accepted the resignation of Simon E. Azzam, who was with the company for 23 years, Union Properties said in a statement posted on the Dubai Financial Market’s (DFM) website.

“Despite seeing such an important longstanding management figure like Simon Azzam leave the company, the company also sees this change as a new era in the continuing life of Union Properties,” the company said.

The company has appointed Khalid Al Jarwan, previously of the Dubai Investments Group, as general manager.

Shares in Union Properties have lost 94 percent of their value in the year to date and were given a buy rating by Deutsche Bank when it initiated coverage of the stock last week.

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