Emaar Malls, the retail unit of Dubai-based Emaar Properties, on Tuesday announced the immediate resignation of its CEO.
The company said in a filing to Dubai Financial Market that Rajiv Suri, who only joined Emaar Malls in September last year, has resigned with immediate effect without giving a reason for his departure.
Emaar Malls said his responsibilities will be handled by Amit Jain until further notice but declined to give any further details about the resignation.
Suri joined Emaar Malls from Indian retail firm Shoppers Stop.
His resignation comes after the developer behind premium shopping malls and retail assets, including The Dubai Mall, revealed a net profit of AED586 million ($160m) for the period through to September 30 2020, compared to AED1.732 billion ($472m) for the corresponding time in 2019.
Rajiv Suri, who only joined Emaar Malls in September last year
Revenues for the company stood at AED2.493bn ($679m) for the first nine months of this year, with the industry hit massively by coronavirus lockdowns and curfews, followed by stringent social distancing guidelines during a gradual re-opening by the government aimed at curbing the spread of Covid-19.
This compared to revenues of $929 million (AED 3.14bn) for the same period in 2019.
Emaar Malls founder Mohamed Alabbar said at the time that he remained upbeat about the retail industry in Dubai despite the company registering the drop in net profit.
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