Inovest B.S.C. convened its Ordinary General Assembly Meeting on September 25 under the supervision of Bahrain Clear, with a quorum of 64.26%.
The meeting was attended by representatives from the regulatory authorities, including the Central Bank of Bahrain, the Ministry of Industry and Commerce, and Bahrain Bourse.
The Chairman of the Group’s Board of Directors, His Excellency Mr. Mohammad Al Shalfan, officially authorized Acting CEO Mr. Talal Al Mulla to preside over the General Assembly meeting. Mr. Al Mulla read the legal authorization at the start of the session, and it was approved by the shareholders.
The meeting commenced with the approval of the minutes from the Ordinary General Assembly held on March 20, 2024. This was followed by the election of new members to the Board of Directors for a three-year term (September 2024 – September 2027). The elected members are Mr.Abdullah Mohammed Abdul Jader, Mr. Hazem Abdullah Al Bakri, Mr. Yousef Abdullah Al Mulla, Mr. Ahmed Mohammed Al Bassam, Mr. Mohammed Abdul Wahab Al Mutawaq, Mr. Yaqoub Bandar, and Dr. Abdul Aziz Al Dakheel. Mrs. Noora Shehab, Mr. Hussein Al Shehab, Mr. Nawaf Al Jishi, and Mr. Qassim Abdul Rasool were appointed as reserve members. The Central Bank of Bahrain’s approval is required to finalize the new Board of Directors.
Mr. Al Shalfan extended a warm welcome to the newly appointed Board of Directors of Inovest Group, expressing sincere appreciation for the exemplary leadership and contributions of the outgoing members. Congratulations were conveyed to the incoming Board for securing the trust of the shareholders.
Mr. Al Shalfan noted that the extensive expertise in finance and economics possessed by the new Board members is anticipated to play a crucial role in driving the company’s ongoing success. Confidence in Inovest’s future was emphasized, underscoring the Board’s vital contribution to sustaining the Group’s preeminent position in the investment sector.
“The newly appointed Board of Directors underscores Inovest’s steadfast commitment to sustained development and growth, bolstering its ability to navigate future challenges and execute its strategic vision in the face of evolving global dynamics and rising complexities within the real estate and investment sectors. The expertise and proficiency of the new Board members will play a pivotal role in driving the Group’s strategic objectives and further solidifying its leadership position across the Gulf and regional markets.” stated Mr. Al Shalfan.
The members of the new Board of Directors expressed their heartfelt gratitude to the former Chairman for his tireless efforts in steering the Group toward excellence and growth over the past years. They also acknowledged the invaluable support of various stakeholders, including the regulatory authorities, the Central Bank of Bahrain, and all partners and shareholders. The new Board reaffirmed its commitment to collaborate closely with Executive Management to develop a new strategy that ensures the Group’s ability to grow, gain the confidence of shareholders and partners, and maintain robust performance across its investment portfolio amidst the prevailing economic conditions and global geopolitical challenges.
Acting CEO of Inovest Group, Mr. Talal Al Mulla said, “I am pleased to extend my sincere congratulations and welcome to the new Chairman and all members of the newly formed Board of Directors. We also express our deep gratitude to the former Chairman for his tireless efforts and dedication during his tenure. We are fully committed to implementing the new Board’s strategy and delivering the best possible outcomes to continue the company’s achievements and lead it toward promising new horizons of success and fruitful results.”
Mr. Al Mulla highlighted the confidence in the upcoming phase, which is expected to foster greater productivity, teamwork, and a strong commitment to achieving the company’s goals by refining its strategies and plans, while enhancing asset management capabilities, and noted the significant growth in investor confidence, as evidenced by key indicators such as the substantial rise in Inovest’s share price on the Bahrain Bourse in recent months.
This momentum is expected to gain further traction as Inovest advances its strategic initiatives in direct investment, private equity, asset management, and real estate development. This is in addition to achievements in various projects across the Bahraini, Saudi, and Kuwaiti markets include notable ventures such as Takhzeen, BIW Labour Accommodation, Bahrain Investment Wharf, Ajwan Resort, and Advanced Industries Company.