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    EMAAR   AEE000301011

EMAAR PROPERTIES PJSC

(EMAAR)
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Dubai's Emaar appoints new chairman as founder takes managing director role

12/13/2020 | 12:22am EDT
FILE PHOTO: The corporate logo of EMAAR is seen in Dubai, United Arab Emirates

DUBAI (Reuters) - Dubai's largest listed developer Emaar Properties has named Mohamed Alabbar, founder of the company and previously chairman of the board of directors, as managing director, and appointed Jamal Bin Theniyah as the new chairman.

The decision, communicated in a bourse filing, was taken to comply with regulations that prohibit combining the position of chairman of the board and any executive position, Emaar said.

The board also decided to elect Ahmed Jawa as vice-chairman.

Emaar Properties has halted new building work after a construction boom in recent years led to oversupply in the Gulf city, Alabbar said last week.

Dubai's real estate market, where supply has outstripped demand for much of the past decade, has come under additional pressure this year from the coronavirus crisis.

(Reporting by Davide Barbuscia; Editing by Raju Gopalakrishnan)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EMAAR DEVELOPMENT PJSC 0.26% 3.9 End-of-day quote.41.82%
EMAAR MALLS PJSC -1.47% 2.01 End-of-day quote.9.84%
EMAAR PROPERTIES PJSC -0.98% 4.04 End-of-day quote.14.45%
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Analyst Recommendations on EMAAR PROPERTIES PJSC
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Financials
Sales 2021 23 767 M 6 471 M 6 471 M
Net income 2021 3 398 M 925 M 925 M
Net Debt 2021 14 011 M 3 815 M 3 815 M
P/E ratio 2021 8,49x
Yield 2021 3,22%
Capitalization 28 925 M 7 875 M 7 876 M
EV / Sales 2021 1,81x
EV / Sales 2022 1,67x
Nbr of Employees -
Free-Float 70,8%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 4,04 AED
Average target price 5,26 AED
Spread / Average Target 30,2%
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Managers and Directors
Amit Jain Group Chief Executive Officer
Avinash Pangarkar Group Chief Financial Officer
Mohammed bin Ali Rashed Al-Abbar Chairman
Binoo Joseph Head-Technology
Ahmed bin Jamal bin Hassan Jawa Independent Non-Executive Director