Sulaiman al Fahim, the property tycoon seeking to buy Britain's Portsmouth Football Club, has been replaced as chief executive of Hydra Properties, a company official said yesterday. Mr al Fahim will become a member of the company's board of directors, said Ahmed Khalil, Hydra's commercial director. Ali bin Sulayem of Hydra's parent company, Royal Group, will replace him as chief executive.
"Dr Fahim did an amazing job of getting Hydra Properties to where it is in a few years," he said. "Dr [al Fahim] has been promoted for all the good work he has done." Hydra Properties has been under increasing pressure following the slowdown in the property sector. It has faced an increasing number of disputes with investors in Hydra Village, a residential development near Abu Dhabi International Airport, which is two years behind schedule. The company also has sold property in several towers to be built on Reem Island.
Mr al Fahim signed an agreement to buy Portsmouth, a Premier League club, last month and wants to complete the deal as soon as possible. The charismatic millionaire also appeared in his own reality television show called Hydra Executives. email@example.com