Du appoints Malek Sultan Al Malek chairman of board of directors

He replaces Mohamed Al Hussaini, who was appointed Minister of State for Financial Affairs last month

Emirates Integrated Telecommunications Company, also known as du, appointed Malek Sultan Al Malek as chairman of its board of directors, the company said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.

Mr Al Malek replaces outgoing chairman Mohamed Al Hussaini, who was appointed Minister of State for Financial Affairs during last month’s Cabinet changes, with immediate effect.

Mr Al Malek is a leading business figure in the UAE. He is the chief executive of Dubai Holding Asset Management and the director general of Dubai Development Authority.

He also serves on the boards of several institutions in the UAE, including the Dubai Institute of Design and Innovation, the Higher Colleges of Technology and the Mohammed bin Rashid Library.

"The UAE continues to consolidate its position as a global centre for business and achieve advanced positions in various economic indicators … the telecommunications sector has played a pivotal role in these achievements and the sector will also have an important role in achieving future economic and development goals,” Mr Al Malek said.

“I look forward to working with the members of the board of directors and the management team of the company.”

The UAE's second-biggest telecoms operator has undergone some management changes since the retirement of its long-term chief executive Osman Sultan in 2019.

It appointed Fahad Al Hassawi as its new chief executive in June. Last year, the company also appointed telecoms industry veteran and du board member Ahmad Julfar as its managing director.

Founded in 2005, du is 50.12 per cent owned by Emirates Investment Authority, 10.06 per cent by Mubadala Investment Company and 19.7 per cent by Emirates International Telecommunications, with the remainder of shares in public hands.

In January, du increased its foreign ownership cap from 20 per cent to 49 per cent to attract more external investors.

Du declared an 11.4 per cent increase in net profit for the three months ending June 30 to Dh240 million ($65.4m). Its revenue grew almost 7 per cent annually to Dh2.8 billion.

“Last year was a particular testament to the EITC’s ability to turn challenges into opportunities and prove itself to be resilient in even the most trying of circumstances,” Mr Hussaini said.

“The organisation will continue to be a key contributor to the UAE, its national agenda and its people under the stewardship of Malek Sultan Al Malek.”

Updated: October 7th 2021, 3:39 PM
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