Sorouh Real Estate PJSC Resignation of Mounir Haidar, Chief Executive Officer |
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Abu Dhabi, 17 September 2009: Sorouh Real Estate PJSCSorouh Real Estate PJSC
, the Abu Dhabi-based real estate developer (ADX: SOROUH), today announces that Mr. Mounir Haidar has resigned from his position as Chief Executive Officer next month. No replacement of the CEO position in the new organisational structure is planned. Abubaker Al Khouri will continue to lead the Company as Managing Director. Gurjit Singh, currently Chief Development Officer, is promoted to Chief Operating Officer.Mr Saeed Eid Al Ghafli, Chairman of the Board stated: "The Board expresses its sincere thanks to Mr Haidar and wishes him well in the future."
Mr Mounir Haidar commented: "I am proud to have led SorouhSorouh 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 SorouhSorouh 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."
-Ends-
About Sorouh Real EstateSorouh Real Estate PJSC
Established in June 2005, Sorouh Real Estate PJSCSorouh Real Estate PJSC is one of the UAE's largest property development companies, with more than AED 30 billion worth of projects under development. SorouhSorouh, which is listed on the Abu Dhabi Securities Exchange (SOROUH), had as of 30 June 2009, net assets of AED 5.9 billion.
SorouhSorouh works in close cooperation with the Abu Dhabi Government and its Plan Abu Dhabi 2030 and is involved in some of the region's most important developments. These developments include:
- SHAMS Abu Dhabi, a self-sustaining city on Reem Island, an investment zone, featuring unique projects such as the Gate District, and the Sky and Sun Towers.
- alghadeer, a mixed-use community with an investment zone status conveniently situated between Abu Dhabi and Dubai.
- Golf Gardens, a 395 villa and townhouse development located next to the Abu Dhabi Golf Club and close to Khalifa City.
- Abu Dhabi's Lulu Island, a spectacular development distinguished by its prime location just 500 meters off the coast of Abu Dhabi city and investment zone status.
Further information is available at: www.sorouh.com
Enquiries:
SorouhSorouh Real Estate
Florence Calvet
+971 2 444 0006
Brunswick Gulf
Jeehan Balfaqaih
Ash Spiegelberg
+971 4 365 8260
© Press Release 2009
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"I am proud to have led Sorouh through the first years…..and one which has created tangible value for shareholders"
A winning exercise in double speak!!! Shares down 75% this year, projects in limbo, company scrounging for money........yes sir you have done a wonderful job!! [Report Abuse | Email to a Friend | Reply to this Comment]