Mohamed Alabbar has stepped down from his role as chairman of Dubai-based Emaar Properties and will instead focus on the “executive management matters and day-to-day affairs” of the company he founded, as its managing director.
In a note to Dubai Financial Market (DFM), the company cited a regulatory rule barring combining the position of chairman and executives.
Dubai-based Emaar Properties has named Jamal Bin Theniyah as chairman of the board of directors as Mohamed Alabbar takes on the role of managing director.
“According to the corporate governance requirements for listed companies in UAE, the chairman of the company cannot have executive responsibilities. This is to maintain independence of the chairman position. In view of the above requirement, Mohamed Alabbar will take the senior most executive position in the company as a managing director,” a statement by the company read.
Emaar confirmed that Alabbar will continue to represent it in all public forums.
