Mannai Corporation has announced that their Chairman HE Sheikh Hamad Bin Abdulla Al-Thani has advised the board that due to his growing international business commitments he will need to resign from his position as Chairman of Mannai at the end of this year.
Sheikh Hamad was appointed Chairman in December 2005 following the acquisition of Mannai Corporation by Qatar Investment and Projects Development Company (QIPCO).
In August 2007, shortly after the QIPCO acquisition, the Mannai Corporation was listed on the Qatar Exchange, being one of the first private trading companies in Qatar to go Public.
Over the 10 year period of Sheikh Hamad’s leadership as Chairman the revenue of Mannai has grown more than 6 fold to QR 5.9 billion in 2014, the share capital has risen from QR 50 million to QR 456 million, and the net profit has increased more than 10 fold to QR 527 million in 2014.
From a private company fresh out of restructuring in 2005 with a share capital of QR 50 million and a modest profit, Mannai Corporation now has market capitalisation on the Qatar Exchange approaching QR 5 billion.
At the Mannai Board Meeting on 13th December the Directors paid tribute to Sheikh Hamad for the remarkable progress and achievements of the company under his wise leadership during the past 10 years including the successful pursuit of the strategy of diversifying the company’s earning stream both organically and by acquisitions.
The board has appointed HE Sheikh Suhaim Bin Abdulla Al-Thani, previously Vice Chairman of Mannai Corporation since 2005, to succeed Sheikh Hamad as Executive Chairman with effect from 1st January, 2016.