Emaar Development, the Dubai-based property and lifestyle developer that is majority owned by Emaar Properties, has named Adnan Kazim, the chief commercial officer at Emirates Airlines, as the new chairman of the company board, while Dr Aisha Bint Butti Bin Bishr, the director-general of the Smart Dubai Office, has been appointed as vice-chairman.

The appointment comes after the group’s founder and chairman of the board of directors, Mohamed Alabbar, last week announced that he was stepping down from his post, with the board appointing him as the new managing director.

In a filing to the Dubai Financial Market, Emaar explained that the board’s decision was taken to comply with regulations the prohibit the combining of the position of chairman with any executive position.

In his new role at Emaar Development, Alabbar will be focused on executive management matters and the day-to-day affairs of Emaar, the statement added.

A strategic unit of the Dubai group, Emaar Development builds residential and commercial properties, shopping malls and other retail assets and as well as hospitality and leisure attractions.

Its net profit for the first nine months plunged 34% to $370 million from $563 million last year, while its revenues retreated by 26% to $1.94 billion from $2.62 billion in 2019.