Emaar’s Egypt Unit may change Chairman Role ahead of Float

Emaar Misr, the Egyptian unit of Dubai developer Emaar Properties, said Monday investors would vote later this month on whether to amend chairman Mohamed Alabbar’s position on the board.

There has been increased speculation that Alabbar, who founded and has run Emaar Properties since its inception in 1997,may leave due to his other commitments in the real estate sector.

This includes as a founding member of Capital City Partners,a developer which was awarded a $45 billion contract to build Egypt’s new administrative city.

Emaar Misr’s annual shareholder meeting on April 20 would “discuss his membership (as) chairman of the board of directors and managing director representing Emaar Properties,” according to a statement on the Egyptian Exchange.

It would also consider allowing “non-executive board members to work in non-executive roles on the boards of any other companies, including those whose business activities are similar to the company.”

When asked for further clarity on what this meant, an Emaar Properties spokeswoman said: “In order to create a proper corporate governance structure for the company, certain amendments have been made to positions at the board level.”

These were in light of Emaar Misr’s upcoming stock market flotation, for which it filed a formal listing request with the regulator in February, she added.

Emaar Properties on March 19 categorically denied in a bourse filing that Alabbar intended to leave his position as chairman of the group.

Source: Reuters