First off all I want to thank you all for you help.

Jon: I didn't try the assembler code examples from the data sheet because I need to read more then one byte and also all my code is based on C and as I see it, it’s very simple to translate the example assembler code to C.

Guy: I tried to set the EETIM before each commit to eeprom and it’s still not working.

Peter: Is it really necessary to use the extended MOVX timing? I didn’t find any documentation regarding that. Also, when writing to EEPROM I sample the busy bit so it’s like wait states.

P.S.
My emulator don’t support the Atmel’s 89C51RD2. He supports the Philips one. So I can’t really see if data actually exist or not in EEPROM. For this case I have an LCD connected to my target so I display EEPROM content.
By saying, “not working” I mean that after writing to EEPROM and then read the data to LCD it’s to be OK. Software/hardware resets keeps current data, but after power off data seams to be erased. – WHY???

Before any reading from the EEPROM, do I need to perform a write command?

Thanks a lot,
Roberto