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Reef names new board of directors

Manama, June 30, 2008

Reef – Real Estate Finance Company, a Bahrain-based shariah compliant keystone organisation, on Monday announced the election of its new board of directors for the next three years.

Announcing the results at the company’s second annual general meeting for shareholders held at the Ritz Carlton Hotel, the board re-elected Ali Al Baghli as its chairman and Omar El Quqa as vice-chairman. Al Quqa is also the executive vice president at Global Investment House.

The other board members are Osama Muein, Dr AbdulAziz Al-Dakheel, Abdulla Abu Hadeeda, Naser Al Gharibah and Samer Abbouchi.

The session had a phenomenal turnout with attendance reaching 94 per cent and an impressive 14 candidates in the running for places within the board, said a company statement.

Al Baghli said, “We are extremely pleased with the ongoing interest that our shareholders have in Reef. The newly elected board members represent key constituents of the industry in which we function, and we expect that their talent and experience will provide us with the momentum to continue Reef’s drive towards achieving even greater results.”

'Considering the real estate industry’s ongoing growth and development, the new board members are poised to bring stronger relationships into Reef’s network of contacts and business affiliations,' he added.

This comes following Reef’s recent announcement of an excellent level of achievements in 2007, which resulted in a 7 per cent stock dividend distribution that increased the company’s paid–up capital at its year end.

El Quqa said, “We look forward to a bright and prosperous future for Reef, a company well positioned to benefit from the growth in the Bahraini economy in general and the Real Estate sector in specific.”

'Global Investment House brings significant experience in the Real Estate Finance domain and we will definitely share our experience with Reef’s management and extend our full co-operation and support in a manner that will benefit the company,' Quqa added.-TradeArabia News Service




Tags: board | new | Reef real estate |

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