National Ranges Company (Mayadeen) has promoted Jamal Abdul Hamid Al-Motawa’a to the position of chairman.

Youssef Mohammed Al-Jaidah was also named vice-chairman. In addition, Hamad bin Mohammed Al-Wahebi, Maha Khalid Al-Ghunaim, Fawaz Ibrahim Al-Qattan, and Khalid Jassem Al-Wazzan were confirmed as board members.

"It is a great honour to be confirmed as chairman of Mayadeen's board of directors.  It comes at an exciting time for our company when our two flagship projects on Al Reem Island, Abu Dhabi are starting to rise from the ground.  The company maintains a strong commitment to the fulfillment of all its developments with care and consideration," said Al-Motawa’a.

Al Motawa’a pointed out that despite global uncertainties, Abu Dhabi remained a stable environment in which luxury developers like Mayadeen could do business.  He highlighted the government’s clear commitment to encouraging the development process in cooperation with the private sector as a particular feature.

In emphasising the company’s financial strength, Al-Motawa’a revealed that its debt was just 14 per cent of assets and 20 per cent of paid up capital.  This amounted to a total debt of less than KD20 million ($70.5 million), against total assets of KD138.7 million as on September 30, 2008.

Mayadeen’s strength is founded on a distinct and diverse property portfolio and an investment base centred on a strategic stake in one of the region’s best real estate development companies, Al Mazaya Holding.

Al-Motawa’a stated that his aim was to build on the company’s many achievements of recent years and to do so with the help of his fellow directors and strong executive management team. – TradeArabia News Service