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Shaikh Diab is the new chairman of Al Mal Capital

DUBAI — The Founders' Committee of Al Mal Capital, a UAE investment company, formally announced the acceptance of Shaikh Diab bin Zayed Al Nahyan to the position of chairman of the board of directors of Al Mal Capital PJSC [Under Formation].

On accepting the position, Shaikh Diab said: "I am pleased to accept the role of Chairman of the Board of Directors of Al Mal Capital, and look forward to working with Naser, the rest of the Board, and our team of professionals. The company has an unequaled list of founders, with a clear vision and established goals, and plans to build a significant presence in the region."

The list of board members include Naser Nabulsi, vice chairman; Dafer Sehmi Al Ahbabi, Hamad Rashid Al Nuaimi, Abdul Jalil Yousef Darwish and Ahmed Seif Al Darmaki.

On the announcement of the appointment of the board of directors, Nabulsi said: "This is a landmark moment in the founding of our company. The assembled board is of extremely high quality, particularly with an individual of the profile and stature of Shaikh Diab bin Zayed agreeing to the position of chairman of the company. It provides us a strong foundation from which to build the first truly pan-UAE and, ultimately, regional investment company, incorporating investment banking, brokerage, asset management and private equity."

The company has recently been approved by the Central Bank of the UAE to set up an investment company in the UAE. It is being founded with an initial capital of Dh1.2 billion, 55 per cent or Dh660 million of which will come from an IPO intended for mid-June 2005. The company has submitted its application to the Ministry of Planning and Economy and the Dubai Department of Economic Development to proceed with its formation.