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HHD to announce new board on Wednesday - Daily News Egypt

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HHD to announce new board on Wednesday

New board may take 30 days on final development plan to start in July, says Aboul Atta

The General Assembly of Heliopolis Housing and Development (HHD) will approve on Wednesday the resignation of the Board of Directors and announce a new board.

Holding Company for Construction and Development (HCCD) Chairperson Hisham Aboul Atta told Daily News Egypt the new board has been allowed to review the company’s financial conditions in the recent period. This has given them the chance to put together development proposals.

The new Board of Directors will hold its first meeting following the Eid Al-Fitr holiday to discuss the company’s situation and the challenges it faces. It will also consider and discuss the company’s proposed development scenarios over 30 days, to finalise the development plan which will be implemented with the beginning of the new fiscal year in July.

The Board of Directors’ final formation of the BoD, which is expected to include former Governor of Giza, Khaled Al-Adly, as part- time board chairman, and former project manager at Emaar Misr, Tamer Nasser, as Executive Managing Director. A former executive at Orascom Construction who has not been named is expected to head Technical Affairs, whilst Sahar Al Damati will remain in her position as a member of the board heading Financial Affairs, in addition to the delegated members.

The official announcement of the new Board of Directors is expected to take place at the company’s general assembly on Thursday.

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