Emaar Properties has named Mohamed Alabbar, founder of the company and previously chairman of the board of directors, as managing director, and appointed Jamal Bin Theniyah as the new chairman.
The decision, communicated in a bourse filing, was taken to comply with regulations that prohibit combining the position of chairman of the board and any executive position, Emaar said.
The developer said in a statement posted on Dubai Financial Market — where it is listed — that the decision was taken based on a request from the chairman and approval of the board of directors.
The board also decided to elect Ahmed Jawa as vice-chairman.
In July, Emaar had abolished all job titles, including that of the chairman. Business cards were to simply state the name and department of Emaar employees.
The property developer’s shares fell after rising in the early morning trade on Sunday.
Dubai’s real estate market, where supply has outstripped demand for much of the past decade, has come under additional pressure this year from the coronavirus crisis.
