Following a board meeting that was held on 22 June, 2017, Damac Properties has appointed Farooq Arjomand as its new vice chairman. Arjomand is also a member of the board of Bahrain’s Al Ahlia Insurance Company. Damac International Limited’s various projects were also discussed at the board meeting, while terms for a joint venture structure, and serviced shared agreement terms ‘with a related party’ were also approved. Arjomand holds a BBA from Seattle Pacific University in the United States, and began his career as a banker in 1985. He has experience in private banking, corporate finance, trade services and investment banking. During his time at HSBC, he became one of the founding members of Amlak Finance & Emaar Properties. In the year 2000, he founded the Arjomand Group of companies, which has concerns in real estate, manufacturing, financial activities, and aviation. In the UAE, the group owns the Jormand Hotel Apartments, Elite Holidays, Jashan Restaurant, Richmond Hotel Apartments, DIAS and Gulf Management & Catering. The firm carries out its activities across a wide area including the GCC, Asia, Europe and the United States. Meanwhile, Hussain Sajwani – who founded Damac – was elected the company’s chairman. Additional board committee members were also picked during the meeting, as per a filing posted to the Dubai Financial Market.