Yesterday the company announced it may expand its board to 11 members from eight and replace four directors.
Four of the current board’s eight members have been nominated by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council of the emirate, according to a company statement posted on the website of the Dubai Financial Market (DFM) yesterday.
They include Mohamed Ali Alabbar, the chairman; Hussain Al Qemzi, the chief executive of Noor Islamic Bank; Ahmad Jamal Jawa; and Ahmad Thani Al Matrooshi.
The new members would be DP World’s vice chairman, Jamal Majid bin Thaniah, and the port operator’s senior vice president, Arif Al Dehail. Dubai Holding’s chairman of operations, Fadel Al Ali, Abdul Rahman Hareb Rashed Al Hareb, Marwan Iqbal Mohammed Abdullah Abdeen, Abdullah Saeed Balyoahah and Abdullah Mohammed Al Marri were also nominated to the board.
Four current board members who are listed on the company’s website – Drake & Scull International’s chairman, Majid Saif Al Ghurair; Saeed Al Tayer; Lowai Mohamed Belhoul; and Khalifa Hassan Aldaboos – were not included in the announcement. The term of the current board will end in April.
Emaar closed 0.3 per cent lower at Dh3.05 yesterday.
Arabtec, the UAE's biggest builder, helped to lead the Dubai bourse higher yesterday.
The stock jumped 2.5 per cent to close at Dh2.87. The gain, Arabtec's biggest one-day increase in a week, clawed back some losses from the day before when the stock fell 4.4 per cent.
Arabtec postponed its annual meeting until April 28 to open nominations for its board membership. Investors will be hoping the extension is to allow Abu Dhabi's Aabar Investments to join Arabtec's board, after it bought a 5.2 per cent stake in the builder this month.
However, Arabtec has no plans to renew talks with Aabar because its funding needs have eased, its chief financial officer said in an interview on Sunday.
"There is no need to renew these discussions," Ziad Makhzoumi told Alrroya.com.
Drake & Scull, another Dubai construction company, rose almost 1 per cent to Dh1.02 on news that it had won a Dh135 million contract in Jeddah.
The Dubai Financial Market General Index closed up 0.5 per cent at 1,668.86. The Abu Dhabi Securities Exchange General Index ended the day 0.06 per cent lower at 2,604.74.
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