Dubai Development Co. chairman to step down
AGM indicates HE Humaid Bin Nasser Al Owais will make way for youth
The chairman of Dubai Development Company (DDC) is to step down from the board to make way for a younger successor, according to the company.
Minutes of the annual general meeting, held two days ago, reveal that H. E. Humaid Bin Nasser Al Owais asked to be relieved of his duties as chairman so that youth can be encouraged to take responsibility of the company management.
The “reconstituted” board now comprises: Mr Ali Bin Humaid Al Owais, Mr Yousef M. Almulla and Mr Khalid I. Awad. The company also agreed to reappoint its auditor until the end of the year.
The company declined to comment.
DDC’s results for the first quarter of 2010 have yet to be released, though it will look to continue the gains of last year in which it posted net profits of AED 595,688, revenues of AED 869,256, and cut its dividend entirely. Minutes from the AGM did not indicate whether it would reinstate the dividend.