The Board of Directors come from different experiences in various sectors.
The Board of Directors appoints Engineer Nasser Ali Al- Attar as the Chief Executive Officer.
Kuwait: National Ranges Company "Mayadeen" announced today the election of Mr. Khaled Jassem Al Wazzan as the Chairman and Mrs. Maha Khaled Al- Ghunaim as Vice Chairman.
This announcement came after the Board meeting that followed the General Assembly held on Wednesday, March 21st, 2007 at the company premises.
The Board of Directors include Mr. Khaled Jassem Al-Wazzan, Mrs. Maha Khalid Al- Ghunaim, Mr. Jamal Abdul Hamid Al- Mutawa and, Mr. Fawaz Ibrahim Al- Qattan from Kuwait, Mr. Khadem Abdulla Al Qubaisi, from the United Arab Emirates, Mr. Hamed Bin Mohammed Al- Wahaibi, from the Sultanate of Oman, and Mr. Yousif Mohammed Al- Jidda from the state of Qatar.
On this occasion, Mr. Al- Wazzan stated that, the board f directors including members from Kuwait and other G.C.C. states, will bring unique competitiveness. Since each member will bring him their diverse expertise in various sectors.
On the other hand, the Board of Directors appointed Engineer Nasser Ali Al- Attar as the Chief Executive officer of the Company, who has vast experience in areas of investment and Real Estate holding several leadership positions during his career.
Mr. Al- Wazzan mentioned, that in the next coming stage we will witness an expansion in the company's strategy and especially of the capital increase to KD 100 million and will implement the long term ambitious plans, particularly in the real estate and investment sector.
In addition, the next phase will also witness stable and concrete steps when implementing Mayadeen new investment strategy which will be aimed in becoming one of the unique Real Estate companies in the region offering shareholders and investors distinct characteristics of returns, added Al- Wazzan.
It is worth noting, that the company has invested in two plots of land at the Shams Abu Dhabi development with an area of is a 21,321 square meters set next to four towers for residential and commercial use which is expected to be completed in 2009.
The targeted assets fall inline with Mayadeen's strategy. Mayadeen plans to immediately deploy the proceeds from the capital increase in order to acquire and develop real estate assets within the Shams Abu Dhabi development, and own and operate two existing real estate assets in the Emaar Business Park and one in Dubai Healthcare City.
Mr. Al- Wazzan confirmed that the current projects represent the first stage of the expansion plan in the G.C.C. Real Estate Sector, in which the company will continue to participate in the new Real Estate opportunities for a stronger revenue base.
It is worth mentioning, that the company requested to be listed in the Dubai Financial Market which is also one of the company's expansion strategy of expanding its fields in the Gulf region.
Hence, selecting the U.A.E. and Dubai in particular is the result of its geographical position on the map of economic regional and international financial market. Given that Dubai is the second largest financial market in Dubai in terms of market value.
In conclusion, Al Wazzan affirmed that the Governing Council was keen to achieve the best results for its shareholders at the same time we wish Mr. Al- Attar success in his new mission.
-Ends-
© Press Release 2007
