Omniyat Properties, the real estate arm of Omniyat Holdings, has confirmed that its chief executive officer Peter Walichnowski is leaving the company.

An Omniyat statement said Walichnowski will step down at the end of his contract on June 1.

The group appointed Walichnowski last June to lead the company and spearhead its expansion plans both in the UAE and internationally.

'Peter has contributed significantly to Omniyat since he joined us, and we have greatly benefited from his experience and knowledge. However, the global financial downturn demanded a shift in strategy from growth to consolidation, and to the delivery of our existing projects. Thus, Mr. Walichnowski and Omniyat Properties have reached a mutual agreement for him to leave at the end of his contract,' said Mehdi Amjad, group founder and executive chairman.

Omniyat also confirmed that Alex Andarakis, managing director – sales and marketing was released from duty on February 12, 2009.

Amjad, who will now resume the role of Omniyat’s CEO, will address the media in the coming weeks to outline the company’s key milestones, new contract awards and the extensive progress the company has made on the delivery of its first projects, the statement said.

Prior to joining Omniyat Walichnowski had his own real estate company in North Asia. He also held senior management positions in a number of leading property companies around the world, including CEO of Majid Al Futtaim Investments. – TradeArabia News Service