His Highness Sheikh Maktum Hasher Maktum Juma Al Maktoum was awarded during the annual ceremony of CEO of the Middle East Awards in the nomination "Chairman of the Board of the Year" in the real estate sector of the Middle East and North Africa, after the successful reorganization of the developer Al Fajer Properties, which, in its turn, led to the timely commissioning of its flagship project. After taking office as president of Al Fajer Properties in early 2008, Sheikh Maktum developed an organizational plan and financial restructuring strategy that led to the stabilization of the company's balance sheet in the amount of 3.2 billion dirhams (US $ 871 million). The reorganization also led to the payment of more than 1 billion dirhams (US $ 272 million) to the land bank, along with a significant reduction in unsold assets, which effectively changed the direction of the company, expanding it. The decisive actions taken by Sheikh Maktum at the right time allowed Al Fajer Properties to present itself on the market as a solvent company that steadily withstood the blow of the largest global financial crisis in the last 100 years. After the reorganization, Al Fajer focused on the successful and timely delivery of finished projects for operation and real estate operations. The achievements of Sheikh Maktoum ensured the company is fully compliant with all international standards and legal standards, as well as the provisions of the Office for the Regulation of the Dubai Real Estate Market (RERA). It was under his leadership that Al Fajer Properties became the first real estate developer to register all of its clients using the RERA OQOOD system and the first company in the UAE to conduct an electronic real estate transaction as part of the OQOOD system. Other major achievements include the company's publication of an audit report on the state of construction work at the completion of the third phase of the erection of a 200-story building in a period of one year, with Al Fajer becoming the first real estate developer to do so.
Thanks to her new policy and leadership, Sheikh Maktoum helped restore customer confidence in Al Fajer Properties, and at the same time, faith in the Dubai property market. Currently, Al Fajer Properties is in the process of completing the first phase of the project, with a total area of more than 610 thousand square meters. meters, its flagship development in the Jumeirah Lakes Towers area.
Recall that the award at the CEO Middle East Awards ceremony determines the best industry leaders in important sectors of the economy among the countries of the Middle East and North Africa, whose achievements are credited as the main contribution to the country's economic growth.
