Arkan Appoints New Board of Directors at AGM

Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Company”), a leading construction and building materials company in the UAE, appointed a new Board of Directors at the Annual General Meeting (AGM) held virtually on Thursday, 22 April 2021.   

The new Board of Directors comprises HE Eng. Jamal Salem Obaid Salem Al Dhaheri, HE Mabkhoot Taleb Nehais Aamer Al Menhali, HE Mubarak Hethaila Saeed Mohamed Al-Mansoori, HE Eng. Mubarak Obaid Khamis Abdulla Al Dhaheri, HE Khalfan Saeed Mohamed Abdulla Al Qemzi, HE Mohammed Ali Abbas Abdulla Al Fahim and HE Khalifa Saif Darwish Ahmed Al Ketbi. 

The AGM was chaired by HE Eng. Jamal Salem Al Dhaheri, Chairman of Arkan, who discussed Arkan’s continued efforts to optimise its business model to withstand the challenging market conditions deepened by the COVID-19 pandemic and significant indebtedness of the Company. 

The AGM approved the Board of Director’s Report and the report of the company’s auditors for the financial year ending 31 December 2020, as well as the balance sheet and profit and loss accounts for the same period. 

Deloitte & Touche was re-appointed as Arkan’s auditors for the 2021 fiscal year. 

HE Eng. Jamal Salem Al Dhaheri, Chairman of Arkan said: “The pandemic has had a profound impact on the construction and building materials sector, and we have taken substantial measures to adapt to the new market reality and return Arkan to profitability. Our strategic priorities in the next phase of recovery are to lower the Company’s leverage levels and reposition the business towards long-term sustainable growth.

“I would like to take this opportunity to congratulate the new board members and thank Arkan’s previous board members for their contribution to the Company’s growth. I would also like to extend gratitude to the UAE’s wise leadership for their continued guidance and vision and for setting a clear path for the development of the economy. Last but not least, I would like to thank our management team and employees for their resilience and dedication over the past year.”