Emaar Misr says Alabbar now non-executive chairman

Egyptian property developer Emaar Misr said in a bourse filing on Tuesday that Mohammed Alabbar was now non-executive chairman, after previously being chairman and managing director.

The statement also named Mohamed El Dahan as managing director.

Emaar Misr said in April the board would vote whether to amend Alabbar’s position on the board due to his other commitments in the real estate sector, and there was speculation at the time he would leave the company.

Alabbar founded and has led Dubai developer Emaar Properties , Emaar Misr’s parent company, since its inception in 1997.

A spokeswoman for Emaar Properties said the changes were announced earlier this year during Emaar Misr’s initial public offer (IPO) process.

“Accordingly, Mr. Mohamed Alabbar is the Non-Executive Chairman of Emaar Misr and Mr. Mohamed El Dahan is the Managing Director and Executive Board Member. Emaar Misr currently does not have a CEO position,” the spokesperson said.

Emaar Misr floated 12.99 percent of the company in an IPO in June that was heavily oversubscribed, though the stock has performed poorly since the flotation and there was heavy demand for a recent share buyback offer.

Emaar Misr shares were trading at 3.40 Egyptian pounds on Tuesday, about 10.5 percent below the IPO price.

Emaar Misr said on Sunday Chief Development Officer Walid El-Hindi and Chief Investment Officer Ahmed Fathallah Emaar Misr were leaving the company.