Emaar Development appoints new chairman

Emaar Development appointed Emirates airline executive Adnan Kazim as its new chairman of the company's board of directors as part of an ongoing shake-up of top-flight positions at the group.

The decisions follow a change to governance rules of public companies by the UAE's markets regulator, the Securities and Commodities Authority, which states that company chairmen should not hold executive positions.

The group's founder and former chairman Mohamed Alabbar, will "continue to be devoted to the executive management matters and the day-to-day affairs of Emaar", the company said in a statement to the Dubai Financial Market, where its shares trade. He will continue as an executive board member.

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Aisha Bint Butti Bin Bishr was appointed as the company's vice-chairman.

A similar change took place at parent company Emaar Properties last week, which saw Mr Alabbar elected as managing director, Jamal Bin Theniyah appointed as chairman and Ahmed Jawa as vice-chairman.

Emaar Properties closed 1.4 per cent higher on Sunday at Dh3.57 per share. The company has fallen in value by 12 per cent since the start of the year, slightly outperforming an index of listed Dubai real estate stocks that has declined by 14.4 per cent, according to a report on the GCC real estate market published by Kamco Invest on Sunday. An index of Abu Dhabi real estate stocks, by contrast, is up 38.1 per cent this year – the strongest performer in the region, buoyed by a 40.1 per cent jump in Aldar Properties' shares.

A Refinitiv GCC Real Estate Index measuring the total return offered by shares in the sector fell 31.6 per cent between January and March 23 as markets globally witnessed a sell-off due to the economic shock caused by Covid-19. However, the index had recovered all of its losses by the end of last month and is now up 5 per cent for the year-to-date.

"Developers in the region are reconsidering certain key projects in the light of the current weak demand environment and making supply-side adjustments, which should help in providing cyclical stability for the sector," the report said.

"We therefore expect performance to continue to remain stock-specific for real estate-linked securities, as the market focuses on project IRRs [a measure of profitability] and cashflow visibility," the report said.

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Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

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