Arkan Appoints Chairman, Vice Chairman, and Group CEO at Board of Directors Meeting

Following the strategic combination of Arkan and Emirates Steel, which created the UAE’s largest steel and building materials company, Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Company”) appointed the Company’s Chairman, Vice Chairman, and Group CEO during its Board of Directors meeting. This follows the appointment of Arkan’s new Board of Directors which was announced on 4 November 2021 at the Company’s General Assembly Meeting.

HE Hamad Abdulla Mohamed AlShorafa Alhammadi has been appointed as Chairman of Arkan, HE Eng. Jamal Salem Obaid Salem Al Dhaheri was appointed Vice Chairman of Arkan, and HE Saeed Ghumran Saeed Salem Alremeithi will assume the role of Group CEO and board member.

HE Hamad Abdulla Mohamed AlShorafa Alhammadi, Chairman of Arkan said: “I am pleased to be leading Arkan into its next phase of growth alongside the Vice Chairman, Group CEO and newly appointed Board of Directors. The transaction created a listed national champion in the building materials and construction sector, combining two sector leaders and thereby expanding Arkan’s product portfolio and strengthening the Company’s position to capitalize on emerging growth opportunities. As homegrown manufacturers, we want to ensure that we are at the forefront of the UAE’s economic diversification strategy, whilst also expanding our presence in the region and globally. I would like to thank the Board of Directors and I look forward to working together.”

HE Saeed Ghumran Saeed Salem Alremeithi, Group CEO of Arkan said: “I would like to thank Arkan’s Board of Directors for entrusting me with this new role. The Combined Group benefits from a strengthened balance sheet and operational scale, expanding our order book significantly. The Company is well positioned towards unlocking new business opportunities and driving long-term sustainable growth. The next phase is the integration process, bringing together two leading Abu Dhabi companies and positioning Arkan to become an entry point for investing in a key regional sector, all while contributing to ‘Operation 300 Billion’, the UAE’s Industrial Strategy.”

Arkan announced the legal completion of the transaction on 4 October 2021, following the receipt of all regulatory approvals. Under key terms of the offer, Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares. The transaction provides significant revenue diversification for the Combined Group and marks the first time that investors have access to a steel producer on a UAE public market.