Union Properties chief executive Amer Khansaheb resigns

Union Properties chief executive Amer Khansaheb has resigned after overseeing a successful restructuring that involved repaying Dh1.47 billion of legacy debt and restarting project launches. He stepped down from the board on August 24 to concentrate on his own business ventures. The company filed this information with the Dubai Financial Market, where its shares are traded.

A transitional management committee has been established to run the company until a successor is appointed, with Sheikh Nasser Almoalla as its chair. Khansaheb's departure is contingent on his contractual notice period, during which he will transfer responsibilities to the new management. The committee will assume all executive powers once he is officially replaced, and can operate for up to six months.

However, they cannot make major decisions, such as changes to strategy, the annual budget, additional borrowing, related-party deals, and significant asset purchases or sales. Khansaheb, a chartered financial analyst, also serves as managing director of the UAE-based conglomerate Khansaheb Group.