Depa makes interim appointment to strengthen board
Head of Abu Dhabi Architecture & Planning Group steps in temporarily
Dubai-based fitout contractor Depa has announced that it has appointed Eng El Sayed Zakaria Mohamed Ibrahim as a new, interim board director in response to the recent suspension of its shares.
Ibrahim is the managing partner of Abu Dhabi-based Architecture & Planning Group and has worked on a number of high-profile architectural projects in the region, including a project at Al Raha for Aabar Properties and the National Bank of Abu Dhabi Tower.
He is also chairman of Zaytoon Investments and a member of both the Egyptian Society of Engineers and the UAE's Society of Engineers.
His appointment came 24 hours after the Dubai Financial Services Authority because the "composition of the board and its committees are not aligned" with market rules.
It is understood that following the departure of former chairman Hasan Abdullah Ismaik, the board consisted of just six members with no-one in place to issue a casting vote if the other members were deadlocked over a decision.
Ismaik departed following his resignation as CEO of Depa's biggest investor, Arabtec, in June. Announcing Ibrahim's temporary appointment on August 26, Depa said that "a permanent arrangement will be discussed and determined during the Board’s next formal meeting".