Mayadeen announce restructured board of directors under chairman Jamal Al-Motawa'a

Jamal Abdul Hamid Al-Motawa'a has been promoted to chairman and Youssef Mohammed Al-Jaidah has been named as vice chairman. In addition, Hamad bin Mohammed Al-Wahebi, Maha Khalid Al-Ghunaim, Fawaz Ibrahim Al-Qattan, and Khalid Jassem Al-Wazzan were confirmed as board members.

Al-Motawa'a said:

"It is a great honour to be confirmed as chairman of Mayadeen's Board of Directors. It comes at an exciting time for our company when our two flagship projects on Al Reem Island, Abu Dhabi are starting to rise from the ground. The company maintains a strong commitment to the fulfillment of all its developments with care and consideration."

Al Motawa'a pointed out that despite global uncertainties, Abu Dhabi remained a stable environment in which luxury developers like Mayadeen could do business. He highlighted the government's clear commitment to encouraging the development process in cooperation with the private sector as a particular feature.

In emphasizing the company's financial strength, Al-Motawa'a revealed that its debt was just 14% of assets and 20% of paid up capital. This amounted to a total debt of less than 20 million Kuwaiti dinars, against total assets of 138.7 million Kuwaiti dinars as at September 30, 2008.

Mayadeen's strength is founded on a distinct and diverse property portfolio and an investment base centred on a strategic stake in one of the region's best real estate development companies, Al Mazaya Holding.

Al-Motawa'a stated that his aim was to build on the company's many achievements of recent years and to do so with the help of his fellow directors and strong executive management team.

He added that the revised board structure played to the qualities of a seasoned and highly successful team of directors that had built an enviable track record of achievements in recent years. The structure offers the prospect of future growth and development.