Exclusive: Coldwell Banker’s CEOs resigned, Kareem Zain to take over

 

Both Mr. Khalid Bahig and Mohamed El Banany, CEOs at Coldwell Banker and New Homes, have elected to resign on August, 2020, with Mr. Kareem Zain appointed to take over as the new chief executive to the company early September, Osoul Misr Magazine said exclusively.

Both Mr Banany and Khalid will continue to pursue a strategic role in the company as major shareholders and active board members, as both are 25% shareholders. 

In tackling  the resignation of Mr. Khalid, Coldwell Banker’s chairman Mohmed Abdalla said:” We extend our gratitude and appreciation to Mr. Khalid for the success achieved during his   12 years journey with the company. Mr. Khalid has taken Coldwell Banker Egypt to a leading position in the market and was able to make a turnaround in the company performance and results during his tenure.”

On the other hand, Mr Banany started at Coldwell Banker in 2002 as a franchise owner for  Nile Real Estate. 

In 2004, he assumed the duties of marketing Director, concentrating on shaping a business environment where growth and development flourish, according to announcement released by the company.

Banany managed multiple business initiatives and played an essential role in revenue generation and the strategic partnerships. 

Under Mr. Khalid’s management, the company was able to achieve a total sales volume of around LE50 Billion with remarkable profit margin. 

“  While taking the decision  to leave the company, I felt satisfied with the period  I spent in the company, which I believe was a golden period for Egypt’s real estate sector,” said Bahig to Osoul Misr Magazine.

“ My resignation has nothing to do with the current Coronavirus-induced upheaval squeezing the domestic and world real estate sector. I think the sector has managed to overcome several hurdles.” 

Mr. Mohmed Banany, working at Coldwell Banker for 20 years, told Osoul Misr Magazine that his resignation has personal reasons.