<b>Simon Azzam</b>, the chief executive of <b>Union Properties</b>, has handed in his resignation, according to a statement on the Dubai Financial Markets website. See the statement here:<br/> Union Properties has been facing some tough times in the aftermath of the global credit crisis. It has about Dh1.5bn in debt coming due by the end of the year and Dh125m in cash reserves as of the end of March. It has had to delay its Formula 1 theme park, a signature project, because of cash flow difficulties. I did an interview with Mr Azzam last month, where - which he felt protected developers against waves of defaulting buyers. The company did not appoint a new chief executive. Instead, they announced a new general manager: <b>Khalid al Jarwan</b> , a former executive at <b>ADNOC</b> and <b>Dubai Investments Group</b> .