ADCG appoints Sweedan Al Zahri as IMKAN's new CEO
Abu Dhabi Capital Group (ADCG) picked Sweedan Al Zahri to take over as a new chief executive of its subsidiary IMKAN Properties, replacing Walid El Hindi who decided lately to step down.
Also, ADCG appointed Devina Ramdass as IMKAN's Chief auditor.
Walid El Hindi, working at IMKAN for five years, resigned in response to him disputing with ADCG over a plot of land in Egypt's New Cairo, sources told Osoul Misr Magazine.
IMKAN received the land last year from New Urban Communities Authority on the basis of On-spot Allocation scheme against LE5bn.
Since then, IMKAN stopped short utilizing the land and never appointed a consultancy nor proceeded to get the ministerial decree concluding the deal.
This plot of land is the first of its kind to be allocated in accordance with On-spot Allocation scheme which became the standard mechanism for selling lands in the new cities.
IMKAN said last year that it made LE400mln down-payment and had a plan to establish a LE25bn real estate project in the span of five years.
" The company failed to achieve the desirable outcomes whether in Egypt or Abu Dhabi, causing a deepening gulf in the parties' viewpoints," added the sources.
ADCG, the parent company of IMKAN, owns USD27bn investments injected into 26 projects in 7 countries. ADCG has 30mln sqm land portfolio with investments totaling Dirham100bn ( LE450bn).
Since 2016, ADCG was in charge of establishing East Cario's Al Boroog city whose construction works, involving the creation of 1500 housing units and 100,000 sqm offices, exceeded LE6bn.
