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Arabtec\ s acting CEO made chairman of Dubai\ s Depa [Construction Week (United Arab Emirates)](Construction Week (United Arab Emirates) Via Acquire Media NewsEdge) Dubai-based fit-out contractor Depa has announced that Mohamed Al Fahim, acting CEO of its biggest shareholder Arabtec, has been appointed as its new chairman. He replaces ex-Arabtec CEO Hasan Ismaik, who stood down from Depa as chairman on 25 June, just after quitting his CEO post at Arabtec. This later sparked a suspension of Depa's shares by Dubai's financial regulatory authority, as it meant there was no-one with a casting vote should other board members have been deadlocked over decisions. His promotion to chairman (he had previously chaired the firm's audit and compliance committee) sparked a further shake-up of positions which has seen current non-executive director Roderick Maciver named as vice-chairman. Meanwhile, Sayed Zakaria Mohamed Ibrahim, who was appointed as temporary chairman on 25 August, joins the Depa board as a non-executive director and will sit on the board's nomination and remuneration committee. He also chairs Abu Dhabi-based Architecture & Planning Group. [[banner]] Arabtec has been the biggest shareholder in Depa since acquiring a 24% stake in the business in November 2012 for $65.8mn. (c) 2014 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |