Dubai – Mubasher: The board of Emaar Properties has named, the company's Chairman and Founder, Mohamed Ali Alabbar, as the Managing Director of the company to focus on executive management matters.

The board has taken this decision to comply with regulations that prohibit combining the position of chairman of the board with any executive position in the company, according to the company's disclosure to the Dubai Financial Market (DFM) on Sunday.

Hence, the board has elected Jamal bin Theniyah as Chairman of the Board and Ahmed Jawa as Vice-Chairman.

It is noteworthy to mention that in the first nine months of 2020, the company's net profits declined by 48% to AED 2.44 billion, compared to AED 4.65 billion in the same period of 2019.