Union Properties CEO Amer Khansaheb Resigns Amid Dubai Property Turnaround
The National
Amer Khansaheb steps down as Union Properties CEO after leading debt restructuring and project relaunches in Dubai Motor City.
Union Properties CEO Amer Khansaheb Resigns
Amer Khansaheb, the chief executive of Dubai-listed developer Union Properties, has resigned after steering the company through a significant turnaround phase. His departure was announced via a filing to the Dubai Financial Market and took effect on August 24. The resignation follows his efforts to restructure the company’s finances and restart key project launches.
Leadership Transition and Management Committee
Following Mr Khansaheb's resignation, Union Properties' board has established a transitional management committee to oversee operations until a new CEO is appointed. The committee will be chaired by Sheikh Nasser Almoalla, the board chairman. During this transitional period, which can last up to six months unless changed by the board, the committee will have chief executive powers but will be restricted from making major decisions such as altering company strategy, approving the annual budget, or significant asset transactions.
Mr Khansaheb’s departure is subject to his contractual notice period, during which he will cooperate fully in handing over responsibilities to the new management. The exact length of this notice period and the definitive date for his exit have not been disclosed, though an earlier release is possible once the handover is complete.
Achievements Under Khansaheb’s Leadership
Appointed CEO in December 2021, Khansaheb took charge amid challenging circumstances following a UAE prosecutor's investigation into previous financial irregularities that led to the removal of former board members and the chairman. Since then, he has overseen the repayment of Dh1.47 billion ($400 million) in legacy debt, a critical step that strengthened the company’s financial position.
Moreover, Union Properties relaunched projects in Dubai Motor City, notably the Dh2 billion Takaya and Mirdad developments, signaling renewed momentum in the developer’s pipeline. The company also approved its first shareholder dividend in approximately 11 years in April, which indicates improving operational stability and returning value to investors.
About Amer Khansaheb
Before his stint at Union Properties, Amer Khansaheb was known as the managing director of the Khansaheb Group, a longstanding UAE-based conglomerate founded in 1935, with activities spanning construction, real estate, and other sectors. He is also a chartered financial analyst.
Implications for Dubai Real Estate Agents
This leadership change at Union Properties comes at a pivotal time for the company, as it continues to regain stability and pushes forward with key developments in Dubai Motor City. Real estate agents should monitor further announcements regarding the incoming CEO and any strategic shifts, as these could impact project timelines, sales strategies, and investor confidence. The resumption of project launches and dividend payments under Khansaheb's tenure reflects growing activity in the Dubai property market, which agents can leverage in client engagements.
Based on reporting from The National. Summary and analysis by Propilot AI.
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