Dubai’s Emaar Properties appoints new group CEO

Dubai developer Emaar Properties has appointed Amit Jain as its new group CEO, it announced on Wednesday.

In a brief bourse statement, Emaar said that Jain – the company’s group chief operating officer – will assume his new role immediately.

Jain, who joined company in 2006 was also serving as the CEO of Emaar Dubai and was previously the executive director – Finance and group CFO of Emaar.

He was also made acting CEO in April 2016 after Emaar’s former CEO Abdullah Lahej left the company.

The new appointment comes even as Emaar announced earlier this month that it plans to list 30 per cent of its UAE real estate development business on the Dubai Financial Market (DFM).

The IPO will be the largest since the Emaar Malls IPO, which which raised Dhs5.8bn in 2014,the company said.

The funds raised through the sale of equity will be primarily distributed as dividends to Emaar’s shareholders.

Emaar’s real estate business recorded sales of Dhs14.4bn in 2016, up from Dhs4.2bn in 2012.

The company has handed over around 34,000 units in Dubai since 2001 and currently has a land bank of 24 million sqm in the UAE. The total development area on these lands is approximately 30 million sqm.

Read more: Emaar to list UAE real estate development business in Dubai