Emaar Properties denied rumours that its chairman Mohamed Alabbar intended to leave the company, The National reported.
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 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 Alabbar, was engaged in it.
Emaar stock fell 5.3% to close at AED6.25 in trading yesterday, their lowest level since December 17, marking a fourth day of losses.