In a major move, leading Dubai developer Emaar Properties has appointed its founder and former chairman of the board of directors, Mohamed Alabbar, as the new managing director of the company, while Jamal Bin Theniyah has been named the new board chairman.
Emaar, in its filing to the Dubai Financial Market, stated that the board decision was taken to comply with regulations that prohibit combining the position of chairman of the board and any executive position, Emaar said.
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In his new role as managing director, Alabbar will be devoted to the executive management matters and the day-to-day affairs of Emaar, it stated.
The board also announced the appointment of Ahmed Jawa as the vice-chairman.
