Emaar names new chairman; Alabbar named managing director

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 board also decided to elect Ahmed Jawa as vice-chairman.

The property developer’s shares were up half a per cent 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.