First general assembly meeting of Mada'in Real Estate will be held this June
Gulf Investment House and Ahmed Ramadan Juma Establishment, the principal founders of Mada'in Real Estate, announced in Dubai today that the Ministry of Economy has approved the convening of the first general assembly meeting of Mada'in Real Estate, a private joint-stock company under incorporation in the Emirate of Dubai with a share capital of 500 million UAE dirhams contributed by investors from the United Arab Emirates and other Gulf states.
Ahmed Ramadan Juma, chairman of the founding committee of Mada'in Real Estate, invited the shareholders to attend the Company's first general assembly meeting, which will be held in Dubai later this month.
Juma said the meeting will discuss the main items on the agenda, including the final declaration of the company's incorporation, the ratification of the founders' report on the incorporation process and the expenses incurred, and the ratification of the appointment of auditors.
Juma said Mada'in's private subscription was completed in record time, with the entire capital collected from the founders. He said the stake of the Gulf Investment House and its clients in Kuwait and the other Gulf Cooperation Council states in Mada'in amounted to 49 percent while the strategic partners from the UAE contributed 51 percent of the capital.
He said Mada'in Real Estate will focus its business on various fields, including real estate investment, trade, development, and management, in addition to real estate brokerage and auctions.
On the possibility of converting Mada'in into a public joint-stock company and listing its shares on the Dubai Financial Market and other financial markets, Juma said that this will depend on the conditions of the market, the approval of the board of directors, and the fulfillment of the legal requirements and the conditions of the competent authorities.
Gulf Investment House, in cooperation with the Ahmed Ramadan Juma Establishment, managed the private subscription of Mada'in Real Estate Company. The feasibility study was conducted by KPMG, while the legal affairs were undertaken by Hadef Al Dhahiri and Associates in Abu Dhabi and Dubai.
© 2006 Al Bawaba (www.albawaba.com)