DUBAI, 10 June 2012: Dubai Holding, a global investment holding company, announced today the establishment of Board of Directors for Dubai Properties Group (DPG), its real estate arm, which develops and manages properties, communities and destinations.
The newly appointed Board will constitute three independent non-executive directors and two executive directors. The Board will be responsible for setting long-term business strategy; overseeing implementation; ensuring adequacy of internal controls and strategic risk management. This governance model has been developed after extensive benchmarking against international and local best practices within the local regulatory framework.
Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: “We recognise the significance of strong corporate governance especially in large diversified operations such as ours. The establishment of the Board will further enhance the international best practices adopted at Dubai Properties Group. Dubai Holding is pleased to have such calibre of industry experts, who will bring solid knowledge and industry insights.”
Abdulla Al Shamsi, General Manager of United Arab Shipping Agencies, has been named as the Chairman of the Board for DPG. Other DPG Board members include: Mohammed Al Jallaf, Managing Director, Al Huda Investments; George Mushahwar, Managing Partner, Zaya Advisory; Nicholas Clayton, Chief Operating Officer, Jumeirah Group; and Khalid Al Malik, Group Chief Executive Officer, DPG.
DPG is one of the largest fully integrated real estate and community development businesses in Dubai, encompassing residential, commercial, staff accommodation, retail and property management. The portfolio includes high profile projects like Business Bay, Jumeirah Beach Residence, and DUBAILAND®, all of which play a key role in Dubai’s development and growth.
Through its subsidiaries Salwan and Ejadah, DPG delivers end-to-end real estate management solutions, including sales, leasing, facilities management and security.
Following the establishment of the Board, committees for Audit and Risk, Executive Human Capital, and Investment & Allocation will be formed.
Dubai Properties Group Board Members:
Abdulla Al Shamsi, Independent Chairman
Abdulla Hamad Al Shamsi is the General Manager of United Arab Shipping Agencies Co. He is Chairman of Middle East Container Repair Co. and Vice President of Dubai Shipping Agents Association. Mr. Al Shamsi is a Board Member of du since 2007 and was a Board Member of Dubai Islamic Bank for 9 years.
Mohammed Al Jallaf, Independent Director
Mohammed Al Jallaf is the Managing Director of Al Huda Investments. Previously, Mr. Al Jallaf spent more than 16 years in several key positions at Emirates NBD. Currently, Mr. Al Jallaf is a Board Member of National General Insurance Company, Commercial Bank of Dubai, Dubai Investments Real Estate Company and Al Taif Investments. He was a Board Member of Dubai Chamber, Dubai Bank and a member of Dubai Municipality Rental Committee.
George Mushahwar, Independent Director
George Mushahwar is the Managing Partner of Zaya Advisory. Previously, Mr. Mushahwar was Secretary General of Dubai International Financial Centre, Acting CEO of Dubai Aerospace Enterprise and Chief Operating Officer of TECOM Investments. Mr. Mushahwar has also served on the Boards of Tunisie Telecom, Interoute, Axiom, Emirates International Telecommunications and DIFC Investments.
Nicholas Clayton, Executive Director
Nicholas Clayton is the Chief Operating Officer of Jumeirah Group. Prior to joining Jumeirah Group, Mr. Clayton was President and later CEO of the Viceroy Hotel Group. Previously, Mr. Clayton spent 14 years with Ritz-Carlton in the United States, Australia and Singapore, and was Senior Vice President Operations, Mandarin Oriental.
Khalid Al Malik, Executive Director
Khalid Al Malik is the Group Chief Executive Officer of Dubai Properties Group (DPG) since July 2009. Prior to joining DPG, Mr. Al Malik was CEO of Tatweer overseeing diverse portfolio of interests including Dubai Healthcare City, Dubai Industrial City and DUBAILAND. He was previously the Director of Operations at the Dubai Development and Investment Authority. Mr. Al Malik is on the board of several prominent Dubai companies and committees.