Investment Dar Appoints Abdullah M. Al Humaidhi Chief Executive Officer

18 June 2011

The Investment Dar Co. K.S.C (Closed) announces the appointment of Abdullah Meshari Al Humaidhi as Chief Executive Officer CEO to the Company following the consent of the company’s board of directors in their meeting held on 13 June 2011.

The appointment of Mr Al Homaidhi comes following the judgment relating to the Financial Stability Law handed down on the 2nd June 2011 by the Special Circuit Court of Appeal which included the separation of the role of Chairman of TID’s Board of Directors and that of the Chief Executive Officer in The Investment Dar Company.
As part of his previous position as an Executive Vice President , Abdullah Meshari Al Humaidhi has contributed effectively to the efforts towards the financial restructuring of The Investment Dar Co.. Mr. Al Homaidhi played an essential role in finalizing the Company’s restructuring plan, which has been successfully concluded with the Court’s agreement.. The result of this is that the Investment Dar has been approved under the umbrella of The Financial Stability Law of Kuwait. Furthermore,, Mr. Al Humaidhi has improved the position of the Company by successfully reducing the company’s expenses by a significant margin over the two past years.

Adnan Al Musallam, Chairman of The Investment Dar Company, stated that Abdullah Meshari Al Homaidhi will participate actively in the company’s leadership and perform his duties as CEO in the coming phase which will be a time which will require more efforts by all of the Company’s Board and management in order to achieve TID’s strategic purpose and to implement the provisions of the financial restructuring plan successfully.

Al Musallam added that the “The board of directors wishes the newly-appointed CEO all success and has expressed its confidence in Mr. Al Humaidhi’s capabilities, competence and efficiency in shouldering the burdens of executive responsibility in the next phase of the Company”.