Emaar Industries and Investments (EII), a member of Emaar Properties, has appointed Mohammad Saeed Al Raqbani as Chief Executive Officer in place of Dr Ahmad Khayyat.
"Much of our development is due to the hard work of Dr Ahmad Khayyat, who has chosen to pursue new opportunities," Mohammad Ali Al Hashimi, Vice-Chairman, EII, said in a statement.
"It is critical for EII to have strong leadership in place and myself and the board are confident that this move will continue to help evolve EII in the best way possible," he said.
The EII board has outlined Raqbani's plan to consolidate business through diversification within its key focus in the manufacturing sector. "We have a continued commitment to develop our business and keep increasing shareholder value. We need to maintain continuity and there is no better way than employing and promoting from within our own organisation," he said.
Raqbani joined the company in 2006.