Emaar Properties has appointed Amit Jain as its group chief executive officer with immediate effect.
Mr Jain had already been acting chief executive since April last year, when former chief executive Abdullah Lahej departed the company to become the head of Dubai Holding’s Dubai Properties Group.
Mr Jain has worked at Emaar Properties for 11 years and already held the chief executive’s post for Emaar’s Dubai operations. He had also previously been the group’s chief operating officer and its chief financial officer.
Earlier this month, the company also announced that it is planning to seek a separate listing for its UAE real estate development arm. The company has said that it plans to float up to 30 per cent of the business via a listing on the Dubai Financial Market later this year.
It said that the UAE real estate arm had grown sales to Dh14.4 billion by the end of last year, up from Dh4.2 billion five years earlier.
Overall sales for Emaar Properties for the first three months of 2017 increased by 15 per cent to Dh4.07bn. Net profit also climbed 15 per cent to Dh1.38bn.
The company appointed a dedicated chief executive for development in March this year. John Carfi joined the business from Australian property company Mirvac.
mfahy@thenational.ae
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TWISTERS
Director: Lee Isaac Chung
Starring: Glenn Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
The five pillars of Islam
