Union Properties has announced the appointment of a new CEO according to a disclosure made by the company on the Dubai Financial Market.
The developer posted a net loss of $44.6m (AED163.9m) for the nine-month period ending on 30 September, 2019. Furthermore, the company’s net loss for Q3 2019 stood at $22.2m (AED81.6m)
Ahmed Yousef Abdulla Hussain Khouri has been replaced by Khalifa Hasan Ali Saleh Al Hammadi in order cut down on the losses suffered in 2019.
The developer recently announced that their first fully integrated multipurpose motorsport and entertainment facility, is on schedule to deliver Business Park Phase 2 in February 2020 with a 30 percent completion progress up to date.