Deyaar Convenes Founding General Assembly

Published June 23rd, 2007 - 08:06 GMT

Deyaar PJSC (Under Establishment) held its Founding General Assembly on 21 June 2007. The quorum was met with the presence of 75.58 per cent of shareholders, in person or by proxy, representing 4.4 billion of the Company’s shares. The Assembly resulted in the unanimous adoption of all items on the agenda including the confirmation of the nine-member Board of Directors and the appointment of the Company’s Auditors.

At the Assembly, shareholders approved the report on the incorporation of the Company and the expenses incurred; adopted the Company’s Articles and Memorandum of Association; and declared that all formalities necessary for the incorporation of the Company be completed.

H.E. Dr. Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister of State of Finance and Industry, said that the general assembly marked the beginning of a new chapter in Deyaar’s history. “As a listed company, we are looking forward to reaching new heights in terms of growth rates, unique projects and community initiatives. We will continue pursuing a rigorous course of expansion while targeting attractive market opportunities in the UAE and abroad.”

Commenting on the new board of directors, Dr.Kharbash pointed out that it consisted of some of the most prominent names from the UAE society. “The collective strength of the board will considerably add to Deyaar’s stature as one of the UAE’s leading developers,” he concluded.

Deyaar’s nine member Board of Directors was confirmed unanimously at the Assembly and includes: H.E. Dr. Mohammed Khalfan Bin Kharbash - Minister of State for Finance and Industry (Chairman), H.E. Eng. Sultan Bin Saeed Al Mansouri - Minister of  Governmental Sector Development (Vice-Chairman), Sultan Ahmed Khalfan Al Gaith, Hussain Hassan Mirza Mohd AlSayegh, Khaled Mohammed Ali Al Kamda, Saad Abdul Razak - Chief Executive Officer of the Dubai Islamic Bank Group, Khalifa Suhail Juma Al Zaffin, Younis Haji Abdulla H AlKhoori, Khaled Abdulla Mohamed Abdulla Al Mass.

The appointment of Ernst & Young as Company Auditors was also approved unanimously. Deyaar’s shares will be listed on the Dubai Financial Market upon the completion of the remaining incorporation procedures.

Deyaar’s net profits in 2006 stood at AED 412 million, an increase of 192% over 2005.

About Deyaar
Deyaar PJSC (Under Establishment) is one of the fastest growing real estate companies in the region. Headquartered in Dubai, the company has grown significantly to evolve as a complete `one-stop real estate solutions’ provider. Deyaar today, is the most prominent and trusted names in the real estate business with interests in development, property and facilities management, besides also offering a range of services such as brokerage, marketing and sales. Over time, Deyaar’s strategic solutions and deep market insights have helped create exceptional value for investors. The company currently manages over 16,000 commercial and residential properties. Led by a panel of powerful personalities and experts, Deyaar is set to play a pivotal role in the region’s property landscape.



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