Riyadh—Amlak
Dar Al-Arkan Real Estate Development Company recently achieved remarkable success by winning the “Best Corporate Governance System in the Kingdom” award for 2013, presented by the prestigious international magazine “World Finance,” which specializes in the finance and business sector. It also received the “Best Corporate Governance System in the Middle East and North Africa” award for 2013 from “The European,” a magazine specializing in the finance and business sector. These two awards recognize Dar Al-Arkan’s achievements in the field of corporate governance, as well as its adoption of the highest governance standards and its commitment to implementing them.
Dar Al Arkan’s receipt of these two awards comes in recognition of the high quality of its internal control system and the high level of transparency it upholds in various areas—particularly in its information disclosure policy—as well as for exceeding the official requirements for international listing and its application of best practices in dealing with all its clients and investors around the world. Youssef Al-Shallash, Chairman of the Board of Directors of Dar Al-Arkan Real Estate Development Company, said: “Dar Al-Arkan’s receipt of these two awards is the culmination of the company’s relentless and continuous efforts to improve its performance and develop its policies and capabilities by applying the highest international and local standards and practices in the field of corporate governance, as well as adhering to the strictest transparency and disclosure requirements, which has positively impacted Dar Al-Arkan’s relationships with all its stakeholders, particularly its clients and investors.” Al-Shallash explained that Dar Al-Arkan has taken numerous steps toward implementing governance policies; by adopting and implementing a number of policies that incorporate the fundamental principles of governance aimed at enhancing the effectiveness of internal oversight and risk management systems and achieving the highest levels of transparency and clarity, thereby strengthening the trust of its customers and investors. He noted Dar Al-Arkan’s ongoing efforts to update and improve its internal governance systems and related executive policies, taking into account best practices in corporate governance both locally and internationally.