Salam General Assembly Approves Agenda and Appoints Mr. Issa Abdulsalam Abu Issa as CEO

February 27, 2018

Salam International Investment Limited announced the results of its Ordinary General Assembly meeting held on Monday 26 February 2018. The Assembly discussed the items on its agenda and made the following decisions:

First: Board of Directors’ report and future plans:

The General Assembly approved the Board of Directors' report on the company's activity, its financial position for the financial year ended 31 December 2017, and its future plans.

Second: Auditors' Report and Consolidated Financial Statements:

After the General Assembly heard the report of the Auditors, Messrs. KPMG, on the company's balance sheet and profit and loss account for the financial year ended 31/12/2017, the General Assembly approved the financial statements, which showed a net loss of about QR100.7 million, and decide against the distribution of dividends for 2017.

The report of the Independent Auditors on the company's consolidated financial statements was also approved by the General Assembly. The General Assembly also approved the disclosures in the explanations of the financial statements, including the disclosures of subsidiaries and loans.

Third: Relieving Members of the Board from Liability:

After the approval of the financial statements and the auditors' report, the General Assembly decided to relieve the members of the Board of Directors from liability for the financial year ended on 31/12/2017.

Fourth: Appointment of Internal Auditors for 2018:

After reviewing offers from international audit offices licensed by the Qatar Financial Markets Authority, and after considering the recommendation of the Board of Directors, the General Assembly decided to re-appoint Messrs. KPMG as the company's Auditors for the year 2018.

Fifth: Authorizing the Board of Directors to handle real estate and contract loans:

The General Assembly extended its approval to authorize the Board of Directors to handle the properties and real estate investments owned by the company and its subsidiaries in all aspects, such as the purchase, sale, leasing and mortgage of such properties. This extension also enables the Board sign loans, issue necessary letters of guarantee to obtain banking facilities for the operations of the company and its subsidiaries, to finance its current and future projects inside and outside Qatar and to consolidate and reschedule loans. Furthermore, the Assembly authorized the chairman of the Board to delegate an executive, member or members of the Board to implement the above tasks regarding real estate and loans.

Sixth: Annual Governance Report 2017:

The General Assembly was briefed on and approved the Eighth Annual Governance Report (2017).

Seventh: Joint Projects with Salam Bounian:

The General Assembly extended its approval to the Board of Directors to enter into joint ventures with its sister company Salam Bounian, sign loans with it and issue assurances and letters of guarantee.

Eighth: Election of a new Board of Directors:

The General Assembly elected a new Board of Directors for the next three year tenor of 2018-2020, composed of Messrs.:

-        Issa Abdulsalam Mohamed Abu Issa.

-        Hossam Abdulsalam Mohamed Abou issa.

-        Sheikh Nawaf Nasser Ahmed Al Thani, Representative of Doha Insurance Company.

-        Nasser Sulaiman Haidar Mohammed Al-Haydar.

-        Hani Abdulqader Al-Qadi, representative of Arab Jordan Investment Bank.

-        Ali Bin Ghanim Al Thani Group.

-        Ali Haider Sulaiman Al Haidar, representative of Sulaiman Brothers Company.

-        Jassem Mohammed Abdulghani Al Mansouri.

-        Bassam Abdulsalam Mohammed Abu Issa.

-        Abdulsalam Issa Abhu Issa

-        Bader Ali Hussein Ali Al Sada.

The Board of Directors decided to appoint Abdulsalam Issa Abu Issa as CEO.

Mr. Abu Issa holds a Master's Degree in International Finance and Economics from the University of Newcastle. Prior to joining Salam International, he worked in several sectors, most important of which oil and gas, banking, and roads construction.

Mr. Abu Issa joined Salam since 2012 and has served as a Board Member and Deputy Chief Operating Officer.