Emaar Development, a leading property and lifestyle developer in the region majority-owned by Dubai-based Emaar Properties, has named Adnan Kazim, the chief commercial officer at Emirates airline, as the new chairman of the company board, while Dr Aisha Bint Butti Bin Bishr, the director-general of the Smart Dubai Office, is the vice-chairman.

 

The appointment comes after the group's founder and chairman of the board of directors, Mohamed Alabbar, last week decided to step down from his post and the board appointed him as the new managing director.

 

Emaar, had 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.

 

In his new role at Emaar Development, Alabbar will be devoted to the executive management matters and the day to day affairs of Emaar, it added.

 

A strategic unit of the Dubai group, Emaar Development builds residential and commercial properties, shopping malls and other retail assets and as well as hospitality and leisure attractions.

 

Its net profit for the first nine months plunged 34% to AED1.36 billion ($370 million) from AED2.07 billion ($563 million) last year, while its revenues retreated by 26% to AED7.13 billion from AED9.63 billion in 2019.-TradeArabia News Service