Union Properties chief executive Amer Khansaheb, who was appointed to lead a turnaround of the Dubai-listed developer, has resigned after overseeing a restructuring that included repaying Dh1.47 billion ($400 million) of legacy debt and restarting project launches.
Mr Khansaheb resigned from the board effective August 24 to focus on his own business activities and projects, the company said in a filing to the Dubai Financial Market, where its shares are traded.
The board has formed a transitional management committee to run the company until it appoints a successor, according to a separate filing. Sheikh Nasser Almoalla, who chairs the board, will lead the committee.
Mr Khansaheb’s departure as chief executive is subject to his contractual notice period, during which he will hand over to the new management committee. The filing did not say how long the notice period is or when he will leave, although the board chairman can approve an earlier exit once the handover is complete.
The committee will take on the chief executive’s full powers once Mr Khansaheb is released. It will run the company until a successor takes over and can remain in place for up to six months, unless the board decides otherwise.
The committee cannot make major decisions reserved for the board, such as changes to strategy, the annual budget, additional borrowing, related-party deals and significant asset purchases or sales.
Union Properties said accepting Mr Khansaheb’s resignation does not affect any rights or claims that may arise from issues identified during the handover.
Mr Khansaheb, a chartered financial analyst, is also the managing director of Khansaheb Group, a UAE conglomerate founded in 1935 that covers construction, real estate and other sectors.
Union Properties appointed Mr Khansaheb as chief executive in December 2021 as part of plans to turn around the business, after its former chairman and several board members were removed following a UAE prosecutor's probe into alleged financial irregularities.
During his tenure, the company also resumed project launches in Dubai Motor City, including the Dh2 billion Takaya and Mirdad developments. In April, it approved its first shareholder dividend in about 11 years.
