Alabbar named Emaar's managing director; new chairman announced

Emaar Properties has named Mohamed Alabbar, founder of the company and previously chairman of the board of directors, as managing director — in order to comply with the local corporate governance laws for listed companies.

According to the corporate governance requirements for listed companies in the UAE, the chairman of the company cannot have executive responsibilities. This is to maintain independence of the Chairman position, the developer said in a statement on Sunday.

“In view of the above requirement, Mr. Mohamed Alabbar will take the senior most executive position in the company as a managing director. He will continue to represent the company in all public forums,” it said.

The property developer’s shares closed 0.27 per cent up at Dh3.60 per share at the Dubai Financial Market on Sunday.