Dubai’s Emaar founder Alabbar steps down, takes managing director role

Dubai’s largest listed developer 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.

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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.

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.

Read more: Coronavirus: Dubai’s Emaar chief abolishes all job titles at the property developer