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Emaar Properties announces CEO departure

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Capital Markets View – January 2021


Emaar Properties announces CEO departure

said April10 that Abdulla Lahej has discontinued his role as CEO of the group.

The responsibilitiesof CEO will be handled by group COO Amit Jain, the news release said. No reasonwas given for the departure.

Lahejwas named group CEO inJanuary 2014. He joined the company in 2000 as assistant project manager, and servedin various roles until his appointment to group CEO.

Meanwhile,the Dubai-based developer also unveiled plans for what is slated to be the world'snew tallest tower, The Wall Street Journalreported the same day, citing group Chairman Mohamed Alabbar. Speaking at a previewevent, Alabbar said the height of the planned tower, dubbed The Tower, will likelybe announced when it is opened.

The executivenoted that it will be "a notch taller" than the present tallest buildingin the world, the Burj Khalifa, also developed by Emaar Properties, according tothe report.

The Towerwill not be for residential use, but will have an observation deck and possiblya small hotel. It will be situated in a planned six-square-kilometer residentialand retail district next to Dubai's creek, the report said. The project is expected to becompleted before Dubai hosts the World Expo in 2020.

JeddahEconomic Co. is also in the running to open the world's tallest skyscraper in SaudiArabia in 2019, which will have office, retail and residential space.It will stand 3,281 feet tall and have 167 floors, according to a previous .