Depa Limited [Nasdaq Dubai: DEPA; “the Group”], one of the world’s leading interior contracting groups, today announced the appointment of Mohamed Al Mehairi to the Depa Limited Board of Directors and as its non-executive Chairman.
Mr Al Mehairi said: “I am delighted to be appointed as Depa’s Chairman. The Group has experienced a significant turnaround over the past 12 months and is well placed to continue its current growth trajectory. I look forward to working with the Board and leadership team to help the Group achieve its primary objective of delivering long-term, sustainable returns for its shareholders.”
Mr Al Mehairi is the Chief Executive Officer of Aabar Investments PJS, Abu Dhabi, where he has served as a Board Member since February 2009. He also serves as a board member of several Aabar portfolio companies including UniCredit S.P.A. Mr Mehairi has been the Vice Chairman of the Board of Directors of Arabtec Holding PJSC and the Chairman of the Nomination and Remuneration Committee since May 2015. He has previously held various positions, including the Director of the Investment Department, at the International Petroleum Investment Company (IPIC) where he oversaw and led a platform of investments and development projects within the oil and gas sector as well as a number of diversified investments. He holds a bachelor of Business Administration and Finance from the University of Suffolk in Boston, USA.
Mr Al Mehairi replaces Ibrahim Belselah who advised at Depa’s Annual General Meeting today that he would not be standing for re-election to the Board. The Board thanked Mr Belselah for his contribution to the Group since his appointment last year, both as a Director and as Chairman.
For further information, please contact:
Depa Limited
+ 971 4 446 210
Hamish Tyrwhitt, Group Chief Executive Officer
David Holiday, Group Chief Legal Officer and Company Secretary
For more information, please refer to the corporate website: www.depa.com
Notes to editors:
Depa is a strategic management company specialising in global interior solutions. Depa’s four Key Business Units hold leading positions in their respective markets: Design Studio, Vedder, Depa Interiors Group and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.
Depa’s mission, shared by each of its Key Business Units, is to deliver sustainability, profitability and performance for our clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.
Depa Limited is listed on the Nasdaq Dubai (DEPA:DU) and is headquartered in Dubai, United Arab Emirates.
Cautionary statement:
This document contains certain ‘forward looking statements’ with respect to Depa’s financial condition; results of operations and business; and certain of Depa’s plans and objectives with respect to these items. By their very nature, forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update these forward looking statements.
