Troubled property developer Union Properties has terminated the services of its managing director and also appointed a new chief executive, lifting its shares by three per cent in early morning trade.
The company said in a statement sent to Dubai Financial Market that it had terminated the services of Ahmed Yousef Abdulla Hussain Khouri as the managing director of the company even as he retains his position as a member of the board.
It also announced the appointment of Khalifa Hasan Ali Saleh Al Hammadi as the new CEO of the company.
The master developer of Dubai's Motor City had posted 32 per cent rise in third-quarter 2019 losses due to decline in revenues. It posted Dh81.5 million loss in Q3 2019 compared to Dh61.8 million loss for the same period last year, while its revenues plunged 29 per cent to Dh106.2 million.
Its shares were up three per cent to Dh0.305 on Sunday morning.