Dubai, United Arab Emirates (CNN) – Mohamed Alabbar has resigned from his position as Chairman of Emaar, to devote instead to “executive management matters and the day-to-day follow-up of the company’s affairs,” which he founded in 1997, as the General Manager.
In a memo to the Dubai Financial Market, the Dubai-based company cited a regulatory rule that prohibits “combining the position of chairman of the board of directors with any executive position in the company.”
The memo said that the decision came at the request of Alabbar, as Jamal bin Thaneh will now take over the position of Chairman of Emaar’s Board of Directors, while Ahmed Jawa will take over the position of Vice President.
This comes after Al-Abbar said early last week that Emaar, the largest real estate developer in Dubai, had halted new construction work after a construction boom in recent years increased supply in the city, according to a Bloomberg report.
