Dubai Property Developer Emaar Appoints Amit Jain as Group CEOBy
Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, promoted Amit Jain to group chief executive officer.
Jain, currently the group chief operating officer, will take on the role immediately, the company said in a statement to the Dubai stock market. Before his current role, he was also chief financial officer at Emaar, which has led a building boom in Dubai over the past 15 years after the government allowed foreigners to own properties in some parts of the emirate.
Emaar Chairman Mohamed Alabbar said earlier this month the company hired Goldman Sachs Group Inc. to manage the sale of shares in its United Arab Emirates real estate development business. The developer expects to complete the initial public offering in Dubai by November with a size similar to its Emaar Malls PJSC offering, he said.
The Emaar Malls unit IPO raised about $1.58 billion in 2014 and is the largest share sale in the U.A.E. in the past nine years, according to data compiled by Bloomberg.