Emaar founder Alabbar becomes new managing director
DUBAI, December 14, 2020
In a major move, leading Dubai developer Emaar Properties has appointed its founder and former chairman of the board of directors, Mohamed Alabbar, as the new managing director of the company.
Emaar, in its filing to the Dubai Financial Market, stated that the board decision was taken to comply with regulations that prohibit combining the position of chairman of the board and any executive position, Emaar said.
In his new role as managing director, Alabbar will be devoted to the executive management matters and the day to day affairs of Emaar, it stated.
Jamal Bin Theniyah, who was the vice-chairman of Emaar Properties, has been elevated to the post of board chairman, while Ahmed Jawa has been named the new vice-chairman.
The new development comes days after Alabbar had announced halting of all new Emaar construction work owing to an 'oversupply' in Dubai.
"We as a group have stopped supply," he had declared, while speaking at a UAE-Israel conference in Dubai.
In August, Emaar had registered a 35 per cent decline in its net profit for the first six months of the year which fell to AED2.007 billion ($546 million) from AED3.1 billion ($843 million) in 2019.
Its revenue too fell 22 per cent for the six-month period from AED11.6 billion to AED9.032 billion.-TradeArabia News Service
