Emaar Properties honoured by SCA for commitment to corporate governance

Press release

Published March 9th, 2011 - 02:34 GMT

Emaar Properties

Emaar Properties PJSC has been honoured by the Emirates Securities and Commodities Authority (SCA) for implementing and complying with the new UAE Code of Governance within the stipulated timeframe.

Emaar, together with a number of other public joint stock companies, was honoured at a special ceremony held in Abu Dhabi recently under the auspices of His Excellency Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy and SCA Board Chairman.

His Excellency Abdullah Al-Turifi, SCA Chief Executive Officer and Her Excellency Maryam Al-Suwaidi, Deputy CEO for Legal Affairs, Issuance and Research, SCA, presented the memento to Emaar.

His Excellency Abdullah Al-Turifi praised Emaar and the other companies, which were honoured at the ceremony, for their prompt response in complying with the new corporate governance rules. He said that the ceremony reflected the SCA’s commitment to ensure the entrenchment of a culture of corporate governance, disclosure and transparency in accordance with international best practice.

Mr Ahmad Al Matrooshi, Managing Director, Emaar Properties, said: “The honour from SCA underscores our commitment to uphold the highest standards of corporate governance. We will continue to implement global best practices in disclosure and transparency, and thus enable our stakeholders to make informed decisions.”

The new UAE Code of Governance came into force on May 1, 2010.

Background Information

Emaar Properties

Emaar Properties is one of the world’s most valuable and admired real estate development companies. With proven competencies in properties, shopping malls & retail and hospitality & leisure, Emaar shapes new lifestyles with a focus on design excellence, build quality and timely delivery.

Company Profile

Emirates Securities and Commodities Authority

On January 29, 2000 HH UAE President issued a federal decree to set up a public authority in the UAE's capital, which was called "Securities and Commodities Authority." The Authority enjoyed a legal entity, financial and administrative independence with the control and executive powers necessary for it to discharge its tasks in line with the provisions of this law and the regulations issued in implementation thereof, noting that the authority reported to the minister.