Amlak CEO Al-Hashimi resigns

by Reuters Sunday, 06 May 2007

Dubai-based Islamic mortgage lender Amlak Finance said on Saturday Mohammed al-Hashimi would step down as chief executive and board member by the end of the month to focus on his position at Zabeel Investments.

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Arif Alharmi will replace Hashimi as chief executive before June, Amlak Chairman Nasser al-Shaikh said.
Hashemi, who joined Amlak in 2001 as general manager, was named executive chairman of Zabeel Investments, which has interests in real estate, construction, financial services and education, when it was set up in Feb. 2006.

"I think it is time for me to focus on Zabeel. I've been with Amlak since almost its inception," Hashemi told Reuters, adding he would also step down as a board member of the company.

Alharmi joins Amlak from HSBC Amanah, where he was head of commercial banking, Amlak said in a statement.

Amlak, the worst-performing stock on the Dubai index this year, posted its second-smallest quarterly profit in two years in the first quarter on higher costs and delays in property projects limiting revenue growth. The stock is down more than 45 percent this year.

Zabeel earlier this year bought an undisclosed stake in private equity firm Abraaj Capital, holder of a minority stake in Egyptian investment bank EFG-Hermes.



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