Property

Dubai’s Emaar denies rumours Alabbar plans to quit

Shares in the property developer had fallen to a three-month low on speculation its chairman is leaving

PHOTO: Emaar chairman Mohamed Alabbar has been increasingly active in rival firms, prompting speculation he may leave the firm he founded in 1997. Credit: Archives

Emaar has strongly denied rumours its chairman Mohamed Alabbar plans to quit, in an attempt to end days of speculation that saw shares in the Dubai-listed property developer fall to a three-month low.

In a statement to the Dubai Financial Market, the company said Alabbar remains “fully committed” to the company.

“Emaar would like to deny categorically the rumors spreading in the markets and quoted by the media that the Chairman of its Board of Directors, Mr Mohamed Ali Alabbar, intends to leave his current position,” it said.

“The company urges its valued shareholders not to pay attention to the rumors and wrong information that may have a negative effect on the value of their investments.”

Shares in the developer on Wednesday fell by 5.3 percent to close at AED 6.25, marking the fourth day of declines.

Speculation grew that Alabbar may quit the company due to his increasing involvement with rival firms. These include the Abu Dhabi developer Eagle Hills, where he is a board member, and Capital City Partners, which Alabbar founded and which recently signed a deal to develop a new city in Egypt.

Emaar, formed by Alabbar in 1997, is the developer behind Dubai’s Burj Khalifa, the world’s tallest tower.

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