Majid Al Futtaim Holding (MAF) said on Monday that the chief executive of its property unit has stepped down, as the mall and hotel developer posted a healthy rise in earnings for the first half of the year.
The owner and operator of the Carrefour franchise in the region and the developer of the Mall of the Emirates said that George Kostas had stepped down from his position at Majid Al Futtaim Properties to move to a new corporate role at the holding group level.
Ghaith Shocair, chief financial officer at MAF Properties will take over as acting CEO of the division which oversees MAF’s malls, hotels and mixed use community business in the UAE and the wider Mena region.
“These management changes are in line with the company’s objective of supporting its ambitious growth plans throughout the MENA region and beyond,” MAF Holding said in a statement on Monday to the Nasdaq Dubai.
Mr Kostas became chief executive of MAF Properties in September 2013, previously serving as managing director of construction and development at contractors Brookfield Multiplex.
A spokeswoman acting for MAF Properties declined to give details about the reasons for his departure.
The management shake up comes a day after the announcement of a 12 per cent rise in MAF Properties’ EBITDA for the first six months of the year to Dh1.23bn, from Dh1.1bn in the same period last year.
MAF Holding announced a first half net profit of Dh1.35bn on Sunday, a 30 per cent year on year increase. Group revenues rose by 13.8 per cent year on year to Dh12.8bn for the period.
jeverington@thenational.ae
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Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
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The specs
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
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Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
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The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
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5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
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7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
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Jigra
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
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A cryptocurrency primer for beginners
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1. Black holes are objects whose gravity is so strong not even light can escape their pull
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.