DUBAI, United Arab Emirates--(BUSINESS WIRE)--H.H. Sheikh Maktoum Hasher Maktoum Juma Al Maktoum has been awarded the prestigious ‘CEO of the Year’ honour in the property sector for the MENA region for his successful restructuring of Al Fajer Properties resulting in an incredible turnaround of the company and highly accelerated delivery of its flagship project.

Since his appointment in early 2008 as President of Al Fajer Properties, H.H. Sheikh Maktoum charted out an aggressive managerial and financial restructuring strategy which resulted in strengthening the balance sheet of the company by AED 3.2 billion. The restructuring also involved liquidating approximately AED 1 billion worth of land bank coupled with substantially lowering the company’s unsold inventory, effectively reversing the company’s expansion and exiting its long positions. The decisive action taken by H. H. Sheikh Maktoum has made it possible for Al Fajer Properties to operate as a solvent successful company weathering one of the worst financial crises in the last 100 years.

After restructuring, the company was able to focus on delivering its existing projects and operations successfully. Sheikh Maktoum’s achievements included bringing the company under full international accounting standards and making it fully compliant with all RERA rules and regulations. Under his leadership, Al Fajer Properties was one of the first developers to register its customers on the RERA OQOOD system and was also the first to perform a property transfer within the OQOOD system. Other major achievements also included being the first developer to release independent third party construction progress audit reports achieving the highest level of transparency and building 200 floors in one year.

H.H. Sheikh Maktoum was quoted as saying: "I am honoured to have been chosen for this accolade. It is truly wonderful to be recognized for one’s hard work and achievements and I am confident that we will continue to surprise and outperform market expectations.”

H.H. Sheikh Maktoum has been instrumental in restoring customer confidence at Al Fajer Properties and within the property sector in Dubai. Currently, the company is in the process of handing over the first phase of its projects - over two million sq. ft. of property – in its flagship development within the Jumeirah Lake Towers community.

The CEO Middle East Awards recognizes industry leaders in important sectors of the economy within the MENA region whose achievements are seen as major contributions towards growth within a sector.

Editors Notes

Al Fajer Properties (AFP)

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The company is currently in the process of developing its flagship project, which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.

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