Union Properties CEO Amer Khansaheb Resigns After Successful Business Turnaround

Union Properties chief executive Amer Khansaheb has stepped down from his position, concluding a tenure defined by a major corporate restructuring. Appointed to lead a turnaround of the Dubai-listed developer, Mr Khansaheb successfully oversaw the repayment of Dh1.47 billion ($400 million) in legacy debt and the resumption of new project launches.

According to a regulatory filing submitted to the Dubai Financial Market, Mr Khansaheb resigned effective August 24 to concentrate on his own business activities and projects. In response to the departure, the board of directors has established a transitional management committee to oversee operations until a permanent successor is named. Sheikh Nasser Almoalla, who serves as the board chairman, will head this newly formed committee.

Mr Khansaheb's exit as chief executive remains subject to his contractual notice period, during which he will manage the handover process to the committee. Although the exact duration of the notice period was not disclosed in the filing, the board chairman holds the authority to approve an earlier departure once the transition is successfully concluded. Upon his formal release, the committee will assume the full operational powers of the chief executive for a maximum duration of six months, unless the board dictates otherwise. However, the committee's authority excludes major strategic decisions reserved exclusively for the board, such as altering overall strategy, approving annual budgets, securing additional borrowing, executing related-party transactions, and conducting significant asset purchases or sales.

Union Properties noted that the acceptance of Mr Khansaheb’s resignation preserves all rights and claims that may emerge from any matters identified throughout the handover period. A chartered financial analyst, Mr Khansaheb also acts as the managing director of Khansaheb Group, a UAE conglomerate established in 1935 with operations in construction, real estate, and additional sectors.

The developer originally appointed Mr Khansaheb as chief executive in December 2021 to spearhead corporate recovery efforts following the removal of the former chairman and multiple board members due to a UAE prosecutor's investigation into alleged financial irregularities. Under his leadership, Union Properties revitalized its real estate pipeline by restarting project launches in Dubai Motor City, which included the Dh2 billion Takaya and Mirdad developments, and successfully approved its first shareholder dividend in approximately 11 years this past April.