– UAE, Dubai – Dana Group International Investments Limited (Dana Group), the Dubai-based real property investment company Dana Group announces that subsequent to the Company’s disposal earlier this year of its 34.12 per cent equity interest in Makkah and Madinah Commercial Investment Company JSC (“MMCI”) of which he is the Chief Executive Officer, Mr. Khaled Al-Husseini has stepped down as a director of Dana Group. A week previously, he had relinquished the Chairmanship of the Board, a position to which Muin El-Saleh have now been appointed.
Muin El-Saleh said: “On behalf of the Directors and staff, I would like to thank Mr. Al-Husseini for his contribution since the acquisition in 2012 of the Company’s former interest in MMCI. I am delighted to inform shareholders and the market of the appointment as a Director of Dana Group of Mr. Mohammad Firas Baba (known as Firas Baba)”
Firas Baba is the Chief Operating Officer and acting Chief Executive of Dubai-based property developer and investor Bonyan International Investment Group (Holding) LLC (“Bonyan”), a post which he has held since early 2012. Dana Group in May of this year acquired a substantial interest of 21.68 per cent in the issued share capital of Bonyan.
Mr. Baba (46) is a United States national who gained a B.Sc. in accounting; he has considerable experience of the real estate market in the region. For the five years prior to joining Bonyan, he held the position of Head of Finance for the Abu Dhabi Airports Company (“ADAC”), where he was responsible for the financial reporting of all of that company’s subsidiary businesses. Before joining ADAC, Firas Baba had previously been business development consultant and operations manager of MGFK in Maryland; and Operations Director of American Auto Leasing of North Carolina in the USA. He assumes his responsibilities at Dana Group with immediate effect.
Muin El-Saleh added: “I am looking forward to working closely with Mr. Baba, whose involvement at Dana should help to align the interests of its major investee company, Bonyan, with those of Dana Group’s shareholders”
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