Lootah Real Estate Development (Lootah) – one of the region’s most prominent real estate developers – has announced the appointment of Russell Owen as Chief Operations Officer (COO) and Faraz Kothari as Chief Financial Officer (CFO), in line with the centralisation of its organisational structure.
The significant changes in leadership aim to redirect the focus on ensuring a seamless transition towards the next phase of growth in the beginning of a new era post-coronavirus.
According to CEO Saleh Abdullah Lootah, the move reflects the company’s proactive strategy to adapt and keep pace with the changes in market conditions.
He underscored the importance of career advancements organically, which highlights Lootah’s corporate ethos and values to continuously develop human capital and boost morale and productivity as it pursues recovery and growth plans.
Lootah said: “We enthusiastically welcome Owen and Kothari in their new roles. I am confident that their track record and breadth of experience will further thrust the company towards a new chapter of growth and market leadership in this new world order. Their proven ability to drive key results is crucial in forging more major client relationships as well as delivering value to shareholders.”
As Lootah’s COO, Owen will build on the distinctive capabilities of Lootah in key areas of real estate and development, including the acquisition of new assets, renovations and upgrades to its existing assets and then ultimately the disposal of its assets – cementing its position as one of the Middle East’s leading independently owned property development and asset management companies.
“Identifying key strategies that are customer-centric and future-proof are our key priorities. Building on our leading position in the market, we will maintain customer satisfaction and further leverage on innovation to not only create a strong loyal following but also stand the test of time,” he said.
Owen has over 15 years of solid experience in the real estate industry in the UK and MENA region. He joined Lootah in May 2019 as Director of Sales, Leasing, Project Management and Facilities Management where he launched and sold projects worth over AED 250 million. He was then promoted as Lootah’s Commercial Director, where he managed a property portfolio of over AED 500 million in assets within three months of his appointment.
Before joining Lootah, Owen was the Director of International Business Development in Europe and North America at DAMAC Properties, and Head of Agency-MENA at Chestertons. He holds a degree in Real Estate Management from The Nottingham Trent University in United Kingdom.
Kothari, one of the strongest financial experts in the industry, has more than 15 years of experience in financial management. Prior to his appointment, he has played an integral role in Lootah’s key investment strategies as Finance Director.
His keenness on business analytics and business intelligence enabled Lootah to gain compelling insights on key decisions based on solid financial standards, helping the company earn a superior reputation for developing projects that invariably receive international acclaims.
In addition, Kothari is a qualified Chartered Accountant, and holds a master’s degree in Business Administration from AMI-IQRA University in Pakistan.
“To effectively navigate the impacts of coronavirus pandemic and emerge stronger, our focus is to create and implement financial strategies that will ease the transition from the new normal to the next normal,” Kothari said.
Underlying the more streamlined structure of the organisation is the company’s digital transformation. Lootah said that through digitalisation and digitisation, the company will be more enabled to create modern communities with the highest standards of quality.
“Technology is the future of business, so we make sure to stay ahead in the field by intensifying our digital competitiveness at a stauncher pace,” stressed Lootah.
