Bahrain group Inovest unveils new board of directors
MANAMA, September 28, 2024
Inovest, a Bahrain-based sharia-compliant investment company, has announced its new board of directors, comprising leading experts in the field of finance and economics, under the Chairmanship of Mohammad Al Shalfan.
The company officially authorised the Acting CEO Talal Al Mulla to preside over the General Assembly meeting which was attended by representatives from the regulatory authorities, including the Central Bank of Bahrain, the Ministry of Industry and Commerce, and Bahrain Bourse.
At the Inovest's Ordinary General Assembly Meeting held recently, under the supervision of Bahrain Clear, Al Mulla read the legal authorization at the start of the session, and it was approved by the shareholders.
The new members elected to the Board of Directors for a three-year term until September 2027 are Abdullah Mohammed Abdul Jader, Hazem Abdullah Al Bakri, Yousef Abdullah Al Mulla, Ahmed Mohammed Al Bassam, Mohammed Abdul Wahab Al Mutawaq, Yaqoub Bandar, and Dr Abdul Aziz Al Dakheel.
Noora Shehab, Hussein Al Shehab, Nawaf Al Jishi and Qassim Abdul Rasool have been appointed as reserve members.
The finalisation of the new board of directors will be only after the nod from the Central Bank of Bahrain.
Welcoming the new members, Al Shalfan said the extensive expertise in finance and economics possessed by them will play a crucial role in driving the company’s ongoing success.
Confidence in Inovest’s future was emphasised, underscoring the board’s vital contribution to sustaining the Group’s preeminent position in the investment sector, he stated.
"The newly appointed board of directors underscores Inovest’s steadfast commitment to sustained development and growth, bolstering its ability to navigate future challenges and execute its strategic vision in the face of evolving global dynamics and rising complexities within the real estate and investment sectors,"
noted Al Shalfan.
"The expertise and proficiency of the new Board members will play a pivotal role in driving the Group’s strategic objectives and further solidifying its leadership position across the Gulf and regional markets," he added.
The new members acknowledged the invaluable support of various stakeholders, including the regulatory authorities, the Central Bank of Bahrain, and all partners and shareholders.
The new Board reaffirmed its commitment to collaborate closely with Executive Management to develop a new strategy that ensures the Group’s ability to grow, gain the confidence of shareholders and partners, and maintain robust performance across its investment portfolio amidst the prevailing economic conditions and global geopolitical challenges.
Lauding the move, Al Mulla said: "We are fully committed to implementing the new Board’s strategy and delivering the best possible outcomes to continue the company’s achievements and lead it toward promising new horizons of success and fruitful results."
This momentum is expected to gain further traction as Inovest advances its strategic initiatives in direct investment, private equity, asset management, and real estate development, he stated.
This is in addition to achievements in various projects across the Bahraini, Saudi, and Kuwaiti markets include notable ventures such as Takhzeen, BIW Labour Accommodation, Bahrain Investment Wharf, Ajwan Resort, and Advanced Industries Company, he noted.
Al Mulla highlighted the confidence in the upcoming phase, which is expected to foster greater productivity, teamwork, and a strong commitment to achieving the company’s goals by refining its strategies and plans, while enhancing asset management capabilities.
There has been a significant growth in investor confidence, as evidenced by key indicators such as the substantial rise in Inovest’s share price on the Bahrain Bourse in recent months, he added.-TradeArabia News Service
