Imkan Properties, a subsidiary of private equity firm Abu Dhabi Capital Group, said its chief executive Walid El Hindi is stepping down from his role after leading the company for five years.
Mr El Hindi will continue to lead the Abu Dhabi-based developer until Imkan finds a replacement, the company said in a statement on Sunday.
The outgoing chief executive has helped in “growing Imkan from a vision to one of the leading developers in the region”, Fadel Al Ali, board member of both ADCG and Imkan, said.
Mr El Hindi presided over a phase of “significant growth for the business”, helping the company expand its international footprint and achieving a 300 per cent year-on-year increase in sales across its projects last year, he added.
Mr El Hindi was also a board member and managing director of Imkan Misr, a property development subsidiary of Imkan, the company said. He served on the board of HHRM, an international hotel management company as well as on the executive committee for Imkan Moroc.
The developer is building several projects in its home market of Abu Dhabi, including Al Jurf - a residential development located between Dubai and Abu Dhabi. Earlier this year, the company awarded a contract worth Dh236 million to Dhabi Contracting to build the first phase of Al Jurf.
Pixel, a mixed-use project in its Makers District master development on Reem Island; Nudra, a luxury beachside villa community and Sheikha Fatima Park, with retail and food and beverage outlets are its other projects in the UAE.
The company is currently working on 26 mixed-use projects worth Dh100 billion in different countries including the Egypt, Morocco, Seychelles and Sri Lanka.
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Global state-owned investor ranking by size
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