Emaar Properties, a Dubai-based real estate development company, 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, according to ET report.
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.
Emaar Properties has halted new building work after a construction boom in recent years led to oversupply in the Gulf city, Alabbar said last week.
Emaar Properties, a Public Joint Stock Company listed on the Dubai Financial Market, is a global property developer and provider of premier lifestyles. Emaar has made extensive forays in the hospitality & retail sector with the current portfolio encompassing The Address Hotels + Resorts, and Armani Hotels & Resorts, among others.
In addition to the several community malls, Emaar Malls Group’s flagship shopping mall development, The Dubai Mall, has become the world’s largest shopping and entertainment destination, hosting 64 million visitors in 2012.
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