Dubai’s Emaar Denies Rumours That Chairman Intends To Leave

Emaar Properties, Dubai’s largest listed real estate developer, said on Thursday it categorically denied rumours that its chairman Mohamed Alabbar intended to leave the company.

Alabbar is managing the company’s business on a daily basis and is fully committed to it, Emaar said in a statement.

There was speculation about Alabbar’s role after he participated at an investment conference in Egypt last week in a presentation about the construction of a new $45 billion capital city for the country.

Emaar subsequently said it was not involved in the project but that Capital City Partners, another firm co-founded by Alabbar, was engaged in it.