08 July 2010       Download

Leading by example in corporate governance practices, Mr. Mahmoud Abdallah nominates industry veteran Dr. Samir Makary, who crafted one of the first feasibility studies for Sahl Hasheesh in the 1990s, to become chairman of Egypt’s largest master developer of mega resort communities Egyptian Resorts Company (EGX: EGTS.CA), Egypt’s largest master developer of mega resort communities, announced today that its board of directors has appointed leading academic and industry expert Dr. Samir Makary as the company’s chairman. Dr. Makary succeeds Mr. Mahmoud Abdallah, who has agreed to continue to serve as an independent expert member of ERC’s board of directors. “It is well known that in addition to my duties at ERC, I am both chairman of the state’s Insurance Holding Company and a strong advocate of best practices in corporate governance,” said Mr. Abdallah. “I strongly believe in, and am voting for, a policy stating that no person can simultaneously be chairman of a state holding company while chairing another company with state ownership.” A member of ERC’s Board of Directors since 2008, Dr. Makary has served as Chairman of ERC’s Technical Committee and a member of the Executive and Human Resources committees. He has over 20 years of experience in market and financial analysis and economic policy issues with a proven track record of consulting on tourism development policies and projects. In the 1990s, Dr. Makary was an author of one the first studies to examine the feasibility of Sahl Hasheesh as a major tourism destination. “Having watched this very impressive company grow for more than a decade now, it is an honor to follow in Mr. Abdallah’s footsteps,” said Dr. Makary. “The change he has brought to this company from a corporate governance and board responsibility perspective has been remarkable. I look forward to both supporting Chief Executive Officer Mohamed Kamel’s drive to deliver outstanding operational and financial results and to safeguarding the best interests of all of our shareholders over the long