Emaar Properties appoints new CEO

Emaar Properties has appointed Amit Jain as its group chief executive officer with immediate effect.

Mr Jain had already been acting chief executive since April last year, when former chief executive Abdullah Lahej departed the company to become the head of Dubai Holding’s Dubai Properties Group.

Mr Jain has worked at Emaar Properties for 11 years and already held the chief executive’s post for Emaar’s Dubai operations. He had also previously been the group’s chief operating officer and its chief financial officer.

Earlier this month, the company also announced that it is planning to seek a separate listing for its UAE real estate development arm. The company has said that it plans to float up to 30 per cent of the business via a listing on the Dubai Financial Market later this year.

It said that the UAE real estate arm had grown sales to Dh14.4 billion by the end of last year, up from Dh4.2 billion five years earlier.

Overall sales for Emaar Properties for the first three months of 2017 increased by 15 per cent to Dh4.07bn. Net profit also climbed 15 per cent to Dh1.38bn.

The company appointed a dedicated chief executive for development in March this year. John Carfi joined the business from Australian property company Mirvac.

mfahy@thenational.ae

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