Dubai’s Emaar Malls CEO Rajiv Suri resigns four months after appointment

Rajiv Suri, the CEO of Dubai-headquartered Emaar Malls – the shopping malls and retail division of Emaar Properties – has resigned just four months after he was appointed to the role.

Emaar Malls confirmed the news in a regulatory filing made to the Dubai Financial Market on Tuesday, January 12.

The statement signed by vice chairman Ahmad Thani Al Matrooshi said that the resignation was “with immediate effect” without citing any further reasons for it.

Amit Jain, the group CEO of Emaar Properties, has taken over Suri’s responsibilities “until further notice.”

Prior to Suri taking the reins in September last year, Patrick Bousquet-Chavanne stepped down in 2019 as CEO of Emaar Malls after a year in the role following which his responsibilities were handled by Natalie Bogdanova, until Suri’s appointment.

In November, Emaar Malls reported revenues of Dhs2.493bn for the first nine months of 2020 from January-September, a decrease of nearly 27 per cent compared to Dhs3.412bn it reported for the corresponding period in 2019.

Read: Emaar Malls reports 66% decrease in net profit for January-September 2020

It also reported a net profit of Dhs586m for January-September 2020, which was down over 66 per cent compared to the Dhs1.732bn net profits it witnessed in the first nine months of 2019.

In a recent high-profile appointment, Emaar Development – part of Emaar Properties, appointed Adnan Kazim – the chief commercial officer at Emirates airline – as its new chairman.

Read also: Emaar Development announces new chairman, Alabbar to remain in executive role

Also in December, Emaar Properties named Jamal Bin Theniyah as the chairman of the board of directors.

Read more: Emaar appoints new chairman as Mohamed Alabbar takes on role of MD