Soon the chief executive of Sorouh Real Estate, Mounir Haider, will leave his post due to some personal reasons. Haider, who spent many years as the head of the technical department and an executive vice president of Nakheel in Dubai, was the founding chief executive of the company.
A source who didn't want to be named said that Haider will divert his attention to other things.

It is predicted that the post of Haider will be taken over by Gurjit Singh, the current chief property development officer, who will be promoted to the post of chief operating officer, while the company will be continue to be headed by Abubaker Seddiq al Khouri, the managing director of Sorouh.

The large master developers, which have been hurt by plunging prices of apartments and villas and reduced demand from investors, are facing tough times due to the management shake-up at Abu Dhabi's second-largest property developer.

Sorouh, which is one of only two publicly-traded property developers based in Abu Dhabi, has been dealing with the impact of drastically lower sales, similar to development companies across the sector.

The company's second-quarter profits slashed by over 75 per cent to Dh151m (US$41.1m), compared to the same period last year. If it hadn't experienced a one-off Dh70m boost from the dissolution of a partnership with Tameer Holding, it earnings would have been extremely lower.

Managers have made a working group in order to find ways for developers to obtain financing and continue construction, as they suffered heavily from late payments from sub-developers on its Shams Abu Dhabi project.

The source said: "The Company has also cut prices and eased payment plans for home buyers at its Alghadeer and Gate Towers projects."