Dubai – Mubasher: Mohamad Hamade has resigned from his position as the CEO of Amanat Holdings to pursue other interests, the company announced in a press release. 

Hamade joined Amanat six years ago as the Chief Investment Officer (CIO) and recently as the CEO. He led the company’s strategic vision by establishing market-leading platforms within its chosen sectors.

The official concluded 15 transactions and implemented clear growth plans aimed to boost shareholder value and deliver a substantial increase in profitability.

In the meantime, John Ireland, who is currently the company’s Chief Financial Officer (CFO), will be an acting CEO, whereas Hamade will assume a strategic advisory role during the transition period.

Hamad Al Shamsi, Chairman of Amanat, commented: "During Mohamad's tenure, Amanat has successfully defined and implemented its strategic vision, delivering record financial results with cumulative net profit approaching AED 400 million in the last two years, whilst positioning our portfolio of market-leading assets for growth that will deliver sustained value to our shareholders.”

In 2022, the DFM-listed firm registered net profits worth AED 114.20 million, lower by 59% than AED 280.80 million in 2021.

The total income plummeted by 51% year-on-year (YoY) to AED 181.80 million in 2022 from AED 371 million.

Last year, Amanat established the largest pan-GCC post-acute care platform, following the merger of Sukoon International Holding Company with Cambridge Medical and Rehabilitation Center (CMRC) through a non-cash share swap.