Al Qudra chairman replaced

BOARD SHAKE-UP: Al-Shamsi (pictured) was replaced by Hamad bin Abdullah Al-Shamsi at the firm’s annual shareholder meeting. (Getty Images)

The founding chairman of Abu Dhabi-based Al Qudra Holding was replaced on Monday along with six other members of the company’s board in the second management shake-up this month.

Salah Al-Shamsi was replaced following the company's annual shareholder meeting, just two weeks after handing over day-to-day running of the company, one of the Gulf state's largest private investment firms, to recently appoint CEO Mahmood Ebraheem Al Mahmood.

Al-Shamsi has been replaced by Hamad bin Abdullah Al-Shamsi, a director of Qatari telecom Qtel and a board member of the Abu Dhabi Securities Exchange (ADX), according to UAE daily The National. Hamad is not related to Salah.

The former chairman said he did not nominate himself for re-election and would ­focus on other business opportunities and his role as the head of both the UAE and Abu Dhabi chambers of commerce.

Al Mahmood said the Al-Shamsi's departure “has nothing to do with performance”.

"Change is part of this organisation. Basically it was just him stepping aside to focus on other things. He did the execution part here. Now he is working on the trade and economy of the country,” he was quoted as saying.

Al Qudra plans to sell up to 30% of the company in an initial public offering (IPO) before the end of the year, Al Mahmood said last week, after shelving what would have been the UAE's second-largest IPO in March.

The company, which has 30 units in industries including real estate and infrastructure, will begin preparations to relaunch its IPO as soon as the new companies' law is revised "within a few months", he said.

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