Oasis Leasing Vice Chairman assumes chairmanship

Another board member, Ahmed Al-Mazrouei, also resigned during the same meeting.

Khaldoon appraised the actions of the departing Chairman saying: "Al Mazoruei has been Chairman of Oasis Leasing since its inception nine years ago and steered it from a new name in aircraft and big ticket leasing to one which is now playing an increasingly important role in achieving Abu Dhabi's development goals.

"Some shareholders issues were left outstanding following the closure of the AGM yesterday, therefore the company intends to call for an ordinary general meeting shortly where any outstanding matters will be resolved."

At the AGM, shareholders approved the Board of Directors report on the activities of the company and its 2005 balance sheet and profit and loss account. Oasis Leasing saw net profits surge to AED 28.1 million in 2005, compared with AED 7.9 million in 2004, an increase of 255%.

The AGM also approved the appointment of Saeed Al Hajeri as a Board member to the company.

Gordon Dixon, CEO, Oasis Leasing said: "By any measure 2005 was a very successful year for Oasis Leasing. Lease rates continue to harden globally and we are well positioned to take advantage of the improved business environment.

"We look forward to 2006 with confidence and optimism. During the year ahead we expect to grow the business substantially through the investment in new assets of the rights issue proceeds which were received towards the end of 2005, and the re-leasing of existing assets.'