Dubai’s Emaar Development replaces CEO in less than a year

Dubai-listed Emaar Development has appointed Bader Saeed Hareb as its new chief executive, it announced in a brief bourse statement on Sunday.

Hareb replaces Chris O’Donnell, who was appointed to the role in November last year.

The reason for his departure was not disclosed in the statement.

Hareb, who joined Emaar Development as the executive director in 2017, previously served as the CEO of Dubai Healthcare City.

He has also worked with Majid Al Futtaim Properties, The Wave in Muscat, Sharjah Holding, Nakheel and Etisalat, according to his LinkedIn profile.

O’Donnell was the former CEO of Dubai developer Nakheel and later worked with Dubai’s Al Futtaim Real Estate Group.

Also read: Nakheel ex-boss appointed CEO of Emaar Development

Emaar Development, which was listed on the Dubai Financial Market last year, is the UAE build-to-sell property development business of Emaar Properties.

The company is responsible for projects such as Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches. Upcoming projects include Dubai Creek Harbour, Emaar South and Dubai Hills Estate.

It has a land bank of 170 million square foot gross area for build to sell properties in the UAE, which at an average development rate is expected to service at least 12 years of sales, according to its website.

The company reported a net profit of Dhs1.82bn for first half of this year, an increase of 68 per cent compared to the same period last year. Revenues during the period stood at Dhs6.99bn, up drastically from Dhs3.19bn in H1 2017.

Emaar Development attributed the growth to progress in construction and project deliveries.