Emaar Properties announced yesterday that it would expand its board and replace four directors.
In a statement on the Dubai stock exchange, Emaar announced that Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council, had nominated 11 members to the board.
These include Chairman Mohammad Ali Al Abbar, Noor Islamic Bank CEO Hussain Al Qamzi, Ahmad Jamal Jawa and Ahmad Thani Al Matrooshi.
The new members also include DP World Vice-Chairman Jamal Majid Bin Thaniah and the Dubai-based port operator's senior vice-president Arif Al Dehail. Dubai Holding's chairman of operations Fadel Al Ali, Abdul Rahman Hareb Rashid Al Hareb, Marwan Iqbal Mohammad Abdullah Abdeen, Abdullah Saeed Balyoahah and Abdullah Mohammed Al Merri were also nominated to the board.
Four current board members who are listed on the company's website — Drake & Scull International Chairman Majid Saif Al Ghurair, Sayeed Al Tayer, Lowai Mohammad Belhoul and Khalifa Hassan Aldaboos — weren't included in the new board. The term of the current board will end in April.
The news on whether Emaar, over 30 per cent of which is owned by Dubai's government, will pay a dividend was due to be announced after a shareholder meeting late yesterday.