MAF Properties chief executive George Kostas steps down

The management shake up comes a day after the announcement of a 12 per cent rise in MAF Properties’ Ebitda for the first six months of the year to Dh1.23 billion.

Majid Al Futtaim Holding (MAF) said on Monday that the chief executive of its property unit has stepped down, as the mall and hotel developer posted a healthy rise in earnings for the first half of the year.

The owner and operator of the Carrefour franchise in the region and the developer of the Mall of the Emirates said that George Kostas had stepped down from his position at Majid Al Futtaim Properties to move to a new corporate role at the holding group level.

Ghaith Shocair, chief financial officer at MAF Properties will take over as acting CEO of the division which oversees MAF’s malls, hotels and mixed use community business in the UAE and the wider Mena region.

“These management changes are in line with the company’s objective of supporting its ambitious growth plans throughout the MENA region and beyond,” MAF Holding said in a statement on Monday to the Nasdaq Dubai.

Mr Kostas became chief executive of MAF Properties in September 2013, previously serving as managing director of construction and development at contractors Brookfield Multiplex.

A spokeswoman acting for MAF Properties declined to give details about the reasons for his departure.

The management shake up comes a day after the announcement of a 12 per cent rise in MAF Properties’ EBITDA for the first six months of the year to Dh1.23bn, from Dh1.1bn in the same period last year.

MAF Holding announced a first half net profit of Dh1.35bn on Sunday, a 30 per cent year on year increase. Group revenues rose by 13.8 per cent year on year to Dh12.8bn for the period.

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