DUBAI: Mohamed Alabbar has stood down as chairman of Emaar Properties, but will continue to oversee the day-to-day running of the Dubai developer as managing director, according to a bourse statement.
“It was resolved that H.E. Mohamed Ali Alabbar, Chairman of the Board of Directors and Founder of Emaar, be devoted to the executive management matters and the day-to-day affairs of Emaar,” the company said in a statement to the Dubai stock market on Sunday.
The move is to comply with new regulatory requirements that the same person cannot serve as chairman of the board of directors and hold an executive position with a company.
Jamal Bin Theniyah, previously vice chairman has been appointed as Alabbar’s replacement, with Ahmed Jawa named as new vice chairman.
Last month, Emaar Properties, the developer behind iconic Dubai landmarks such as The Dubai Mall and Burj Khalifa - the world's talelst building - reported revenue of $3.641 billion and net profit of $663.31 million for the first nine months of 2020.
“Looking to the future, I am cautiously optimistic about the remainder of the year and I am confident that things will be in better shape across most sectors by summer 2021.
“Meanwhile, we continue to maintain our focus on meeting and exceeding our customer expectations, delivering long-term, sustainable results across our business units, and strengthening our organization and services for the future ahead,” Alabbar said in a press statement.