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.