|  | Khaled Lootah and Ahmad Al Shaikh appointed to the board of DucabAug 5, 2007 - 02:20 - Dubai, Aug.5,2007(WAM)--The Investment Corporation of Dubai (ICD) announced here today the appointment of Khaled Nasser Lootah and Ahmad Bin Hassan Al Shaikh to the board of Dubai Cable Company (Ducab).
The announcement was made by Mohammed Al Shaibani, Executive Director and CEO of ICD, on the directives of H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice-President , Prime Minister, Ruler of Dubai and Chairman ICD.
Ducab, the largest manufacturer of high-quality power cables in the Middle East, is part of the ICD portfolio, which comprises all wholly or partly-owned government businesses in the emirate. Established in May 2006, ICD has been mandated to play a leading role in driving the future prosperity of Dubai's investment portfolio and generating a superior return on investments in a way that will benefit the entire UAE community.
Mohammed Al Shaibani said: "The appointment of Khaled Nasser Lootah and Ahmad Bin Hassan Al Shaikh on the board of Ducab are a reflection of His Highness' vision to equip UAE nationals with the knowledge and skills to spearhead a changing economy and creating a society which can share the responsibilities and challenges that come with economic development." He added: "With their extensive knowledge across various sectors, we are confident that Khaled and Ahmad will play pivotal roles in driving Ducab's growth initiatives in consistency with its strategic plan and complement the company's strong board and management team." Khaled Lootah, who currently manages his own engineering consultancy firm, was earlier associated with Dubai Electricity and Water Authority (DEWA) in senior capacities. As Executive Vice-President for Projects and Engineering at DEWA, Khaled was responsible for all expansion projects undertaken by the Authority in the fields of power and water generation, transmission and distribution and other civil projects.
Ahmad Al Shaikh, who is the Managing Director of Hassan Bin Al Shaikh Group of Industries, has been actively associated with various sectors over the last two decades. A natural leader with inherent leadership qualities and innovative ideas, Ahmad Al Shaikh also sits on the boards of various companies and councils.
Ducab, an ISO 9001:2000 certified company, is jointly owned by the governments of Dubai and Abu Dhabi (50% each). As on date, Ducab produces over 65,000 cubic copper tonnes equivalent of low and medium voltage cables, emerging as the leader and the first choice of prestigious customers in the Middle East.
The Investment Corporation of Dubai (ICD) was established in May 2006, following the transfer of Dubai Government's portfolio of investments from the Department of Finance's Investment Division. ICD's role is to supervise the Government's investment portfolio, adding value through the implementation of world best-practice corporate governance, recruitment of best people and embracing of a global investment strategy.
Its portfolio comprises all wholly or partly-owned government businesses in Dubai, including Emirates Airline, DP World, Dubai Aluminum, Emirates Bank, National Bank of Dubai, Dubai Financial Market, ENOC, Shuaa Capital and Dubai Islamic Bank, Emaar, Dubai World Trade Centre and Jebel Ali Free Zone amongst many others.
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