Emaar Industries and Investments announces the appointment of a new Chief Executive Officer

Mr. Mohammad Saeed Al Raqbani has been formally appointed by the board and has outlined his plan to consolidate the business through diversification within its key focus in the manufacturing sector.

"Mr. Raqbani has great respect and admiration in from within and outside the company and we are very pleased to announce this appointment. It is critical for Emaar Industries & Investments to have strong leadership in place and myself and the board are confident that this move will continue to help evolve EII in the best way possible. Much of our development is due to the hard work of Dr. Ahmad Khayyat, who has chosen to pursue new opportunities and we would like to thank him for all he has achieved at EII and wish him all the best," says H.E. Mr. Mohammad Ali Al Hashimi, Vice Chairman, Emaar Industries & Investments.

"We have a continued commitment to develop our business and keep increasing shareholder value. As part of this commitment, we need to maintain continuity and there is no better way than employing and promoting from within our own organisation. EII has been highly successful since its inception and there is more than enough capability for this success to continue. We are entering another positive year despite the global problems that are afoot," continues H.E. Mr. Mohammad Ali Al Hashimi.

Mr. Raqbani joined EII in 2006 bringing a diverse business background to the organisation. Some estimates show that total investment in the region's industrial sector has exceeded more than $115bn and the new CEO has already outlined EII's continued strategy under his leadership to continue to support the industrial sector in the GCC.

"EII has a strong foundation and a good financial position. This situation has come about due to a solid platform we've created at the organization, which has allowed us to focus on the manufacturing sector. The sector holds great potential and it is critical that we hold firm our belief in supporting the existing businesses that we have partnered with as the industrial sector is the backbone of many other sectors. EII intents to further diversify within the manufacturing sector with an additional focus on the Pharmaceutical and FMCG sectors," explains Mr. Raqbani.

"As part of the process of centralisation, we aim to increase synergy between the subsidiaries that partner with us in order to generate new efficiencies and increase profitability. This is just good business practice and it is important that EII and our partners continue to evolve," adds Mr. Raqbani.

Additionally, EII intends to centralise a number of the key functions of the business and some elements of the subsidiaries in order to maintain the organization's positive status.