Emaar Development PJSC has announced that its CEO has resigned.
Bader Hareb’s resignation as CEO of the Dubai-based company was announced through a note to Dubai Financial Market (DFM).
In a letter addressed to DFM Chief Executive Officer Hamed Ahmed Ali, Emaar Development General Manager Ahmad Thani Rashed Al Matrooshi said the move was due to “personal reasons.”
The letter said the resignation was effective December 30, 2021.
The letter did not give any detail of a successor to Hareb, or an interim appointment till one was named.
Hareb replaced Chris O’Donnell in the role in September 2018.
He was already working with Emaar since 2017 in the capacity of executive director.
Emaar Development is the build-to-sell arm of Emaar Properties.
It is responsible for master-planned communities including Downtown Dubai, Arabian Ranches, and Dubai Creek Harbor.
Emaar Development reported a AED2.4-billion ($653.51 million) net profit for the first nine months of 2021, with total revenues of AED11.6 billion ($3.16 billion).
The company has said it had a sales backlog of AED28.47 billion ($7.75 billion) at the end of September 2021.