Emaar Properties’ board elects Adnan Kazim as the new chairman

UAE Emaar Properties's board elects Adnan Kazim as the new chairman

The board of Dubai’s Emaar Properties has elected Adnan Kazim as chairman, following the resignation of real estate mogul and founder Mohamed Ali Alabbar.

The Dubai Financial Market-listed developer said the board has also elected Dr. Aisha Bint Butti Bin Bishr as vice-chairman.

The decisions were reached during a meeting last Thursday, December 17, just a few days after it was announced that Alabbar had stepped down from his role as chairman.

The latest statement also re-affirmed an earlier decision that the real estate mogul will now be devoted to the executive management and day-to-day affairs of the firm.

The move is upon the “request of the chairman and approval of the board of directors, and their diligence to comply” with the Securities and Commodities Authority (SCA) regulations that “prohibit combining the position of chairman of the board of directors and any executive position in the company”.

 “In this context, the board resolved at its meeting that Alabbar shall continue as an executive board member,” the company said.

Emaar had said that, according to the corporate governance requirements for companies listed in the UAE, the chairman of the company cannot have executive responsibilities. “This is to maintain the independence of the chairman position,” the developer said.

Alabbar was earlier quoted in media reports as saying that the developer has halted new construction work amid the coronavirus pandemic. The founder later issued a statement clarifying that only the new project launches have been stopped, and that work on existing projects are still ongoing.