Stock market-listed Emaar Misr announced on Tuesday that founder of Dubai-based Emaar Properties Mohamed Alabbar, is the new Executive Chairman of Emaar Misr.
Alabbar was the non-executive chairman of Emaar Misr, after the company’s announcement in August, while Mohamed El Dahan was named the Managing Director.
In early April, the company announced it was considering making amendments in the company’s leadership. In a 20 April meeting, however, Chairman Mohamed Alabbar retained his position, as shareholders reselected him for the role.
Alabbar signed a memorandum of understanding (MoU) with the Egyptian Ministry of Housing last March, during the Egypt Economic Development Conference (EEDC), to build a giant real estate project named the Cairo Administrative Capital.
To that effect, Alabbar founded Capital City Partners to implement the project. However, both parties have disagreed on the terms of the contract, and the MoU has yet to be converted into an agreement.
The government is looking for other companies to participate in the project.
The Egyptian arm of the UAE real estate developer Emaar has recorded a 283% increase of net profit in the first half (1H) of 2015, recording EGP 522m, while revenues registered EGP 1.56bn.
In February 2015, the EGX announced that Emaar Misr formally requested listing its shares on the stock market. The company offered 600m shares, around 13% of the company’s capital, with the total value of EGP 2.3bn.
Emaar was behind Burj Khalifa, and identifies itself as being “the largest foreign direct investor in Egypt’s real estate sector with an investment portfolio of EGP 53bn”. Its constructed and ongoing projects in Egypt are Uptown Cairo, Cairo Gate, Marassi and Mivida.