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Tuesday, 18 January 2022

SODIC announces new board + more from IBM, Nestlé, Capiter and Silicon Badia

SODIC gets a new board of directors after Aldar / ADQ acquisition: SODIC shareholders have elected the company’s new board of directors at an extraordinary general meeting on Sunday, according to an EGX disclosure (pdf). The formation of the new board comes after an Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in December acquired 85.5% of SODIC in an all-cash, EGP 6.1 bn transaction.

Aldar now has five representatives on the board: Sitting at the table are Aldar’s Group CEO Talal Shaffique Abdullah Al Dhiyebi (LinkedIn), CEO Jonathan Emery (LinkedIn), Executive Director Sana Khater (LinkedIn), Executive Director of Investments and Partnerships David Dudley (LinkedIn), and Executive Director of Stakeholder Management Fahad Abdulla Al Mahmood (LinkedIn). ADQ’s Gamma Forge has two spots on the board, with Omar Mohammed Mehanna and Amer Al Ameri as Gamma’s representatives.

Our friend Magued Sherif (LinkedIn), SODIC’s CEO, will remain a member of the board. Rounding out the board as independent directors are non-executive chairman Osama Saleh and Masar Chairwoman and CEO — and former investment minister — Dalia Khorshed (LinkedIn).

IN OTHER MOVES-

Nestlé has appointed Yasser Abdul Malak (LinkedIn) as chairman and CEO for the MENA region, succeeding Remy Ejel, the company announced in a release. Abdul Malak was most recently the FMCG giant’s Turkey CEO, and previously served as CEO for Nestlé’s North East Africa Region based in Egypt.

IBM Egypt has appointed Marwa Abbas (LinkedIn) as general manager, according to a press release (pdf). She succeeds Wael Abdoush, who has now taken on the role of general manager for IBM Gulf, Levant and Pakistan.

Cairo-based e-commerce startup Capiter has appointed Simon Comina (LinkedIn) its chief financial officer, according to a statement (pdf). Comina was most recently CFO and executive board member of Dubai-based property site Property Finder, having previously headed up UK asset management firm Schroders’ MENA and private equity divisions.

Swvl named W. Steve Albrecht (bio) to chair its audit committee last month, according to a statement (pdf). Albrecht is currently the Andersen Alumni Professor at the Marriott School of Management of Brigham Young University and was the former president of the American Accounting Association. He has served as a director of five public companies and seven private companies.

Former Flat6Labs managing partner Marie Therese Fam (LinkedIn) has been appointed by Silicon Badia as a partner in its MENA unit, it said in a statement (pdf) yesterday.

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Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.