Apex Investment’s vice chairman and board members resign + Edge appoints new head of missiles and weapons cluster

Three board members have resigned from ADX-listed Apex Investment’s board following net losses in 2023, according to an ADX disclosure (pdf). Apex Investment, formerly Ras Al Khaimah Cement, saw Vice Chairman Elham Al Qasim, and board members Mansour Al Mansouri and Issa Khoury, resign effective Monday.

Background: The company posted a net loss of AED 58.4 mn and an 11.8% y-o-y drop in revenues to AED 723.5 mn in 2023.

Edge appoints new cluster president: Defense conglomerate Edge Group appointed Saif Al Dahbashi (LinkedIn) as president of the group’s missiles and weapons cluster yesterday, according to a company statement. Al Dahbashi succeeds Hamad Al Marar, who was tapped as group managing director and CEO on Monday. He has over 18 years of experience, including heading Edge’s military maintenance, repair and overhaul arm Al Taif.

About the cluster: The missiles and weapons cluster is one of five Edge clusters dedicated to designing and developing smart weapons, firearms, and munitions. As cluster president, Al Dahbashi will oversee Edge defense manufacturer companies Al Tariq, Caracal, Halcon, and Lahab.