Alabbar steps down as Emaar chairman; elected as new MD

 

Jamal Bin Theniyah is new chariman; Ahmed Jawa vice chairman

DUABI/December 13-2020: Mohamed Ali Alabbar, the founder of Emaar Properties, will step down as chairman of the company to take over the position of managing director.

Alabbar helmed the company as its chairman for well over two decades.

The move was initiated by the board of Emaar Properties, the largest listed property company in the UAE that has helped establish an investment culture in the UAE, at a meeting on December 10.

New chairman

The proposal will be ratified by the next shareholders’ meeting.  The director board meeting also elected Jamal Bin Theniyah as new chairman of the board of directors and Ahmed Jawa as Vice-Chairman of the company.

The move is to comply with the governance code of the public joint stock companies in the UAE that prohibits combining the position of chairman of the board of directors and any executive position in the company.

“The provisions of article (7) (b) of the Governance Code applicable to public joint stock companies attached to the decision of the Chairman of the Securities and Commodities Authority (SCA) number 3/RM of 2020, prohibits combining the position of chairman of the board of directors and any executive position in the company,” a statement sent to the stock market by Emaar explained the reason behind the new move.

The new restrictions also disallow chairman of a company to act as the chief executive officer of the same company. Again, no one can act as chairman or vice chairman of more than two companies, and managing director of more than one company in the UAE.

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