Al Ramz Corporation (ARC) holds First Board Meeting

Al Ramz Corporation, formerly Dubai Development Company DDC, held its first Board Meeting on Wednesday, January 6, 2016. The following decisions were taken:

1. The Election of:
a. H.E. Mr. Khalifa Mohammad Al Kindi as the Chairman of the Board
b. Mr. Dhafer Sahmi Al Ahbabi as the Vice Chairman of the Board
2. The appointment of Dr. Fady Kayyal as the Board Secretary
3. The appointment of the Chief Executive Officer was postponed to the next meeting
4. The appointment of a regulatory-approved valuation house (one of the Big 4) to valuate Al Ramz Capital for potential acquisition (subject to the General Assembly and regulatory final approvals)
5. The election of The Audit Committee
6. The election of the Nomination and Remuneration Committee
7. The appointment of a Compliance and Internal Audit Officer
8. Relocation of the Head Office to Fairmont Hotel, Sheikh Zayed Road
The meeting was adjourned by H.E. the Chairman, who wished the Board and the Company the best of luck.