Dubai Holding, a global investment holding company, has announced 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.

Following the establishment of the Board, committees for audit and risk, executive human capital, and investment & allocation will be formed, a statement said. – TradeArabia News Service