Emaar Properties, Dubai’s largest listed real estate developer, said on Thursday it categorically denied rumours that its chairman Mohamed Alabbar intended to leave the company.
Mr Alabbar is managing the company’s business on a daily basis and is fully committed to it, Emaar said in a statement.
There was speculation about Mr Alabbar’s role after he participated at an investment conference in Egypt last week in a presentation about the construction of a new $45 billion capital city for the country.
Emaar subsequently said it was not involved in the project but that Capital City Partners, another firm co-founded by Mr Alabbar, was engaged in it.
Emaar stock fell 5.3 per cent to close at Dh6.25 in trading yesterday, their lowest level since December 17, marking a fourth day of losses.
However, the stock rebounded today, rising 4.64 per cent to Dh6.54.
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