|12-22-2014, 08:42 PM||#1|
Emaar`s real estate head of Dubai to leave in structural overhaul
Giant developer giant Emaar Properties announced on Monday that the chief executive of the company’s Dubai real estate business will depart the company at the end of 2014 amid an overhaul of the company’s top management.
"We would like to clarify that Robert Booth, CEO of Emaar Dubai Real Estate, will continue to handle his responsibilities until the end of the year 2014," Dubai`s largest developer said in a bourse filing.
Emaar said that it will make other announcements regarding its organizational structure but at a later date.
Emaar’s CEO, Mohamed Alabbar, has been overseeing a revamp of the company’s top management.
Eagle Hills, also a real estate developer which also has Mohamed Alabbar as a board member, has attracted many of Emaar’s former executives.
Former Emaar CEO Low Ping is now chief executive at Eagle Hills. Salman Said, now CFO at Eagle Hills was formerly CFO of a number of several Emaar units.
Emaar’s shares climbed 1.56% on Monday on the Dubai Financial market (DFM).
The rise in share prices could have came on the back of a general market cheer as the DFM gained 2.3%, or it could be that investors are seeing the change in the company’s top management could add more to shareholder value.
The company is expected to list an additional two units in the near future, and considering the previous times the company had seen a large increase in capital, investors are looking to benefit from that as Emaar usually distributes a hefty sum of its cash to shareholders.
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