ENBD REIT, the Shari’a-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, said that Dr Tariq Bin Hendi will be stepping down from his role as Chairman of the Board of Directors with effect from September 30, 2023.

The current director Ali Rashid Humaid Al Mazroei will succeed him in November 2023.

Dr Bin Hendi, who plans to dedicate more time to his other business activities, was appointed Chairman of the Board of Directors in 2017 and will remain available to the company on a consultancy basis until June 2024. 

Al Mazroei, who was appointed as a Director of ENBD REIT in 2018, holds a number of other leadership roles including being a Board Member of National Bonds Corporation since 2011 and Ajman Bank since 2021. 

Mr Rashed Al Awadhi will replace Al Mazroei as the new Director of ENBD REIT on October 1, 2023. Rashed also holds the position of Chief Real Estate Officer at Wasl, as well as a variety of leadership roles including as Board Member of Dubai Sports Corporation, Kifaf Real Estate Development, JAG Real Estate, Warqa Gardens, Dubai Commerce City, and Amlak Finance.

Ali Al Mazroei said: “On behalf of the Board and the entire ENBD REIT team, I would like to extend our heartfelt gratitude to Tariq for his leadership since the Company’s listing on NASDAQ Dubai and wish him continued success in his future endeavours. We also welcome Rashed Al Awadhi to the Board and I look forward to working with my fellow Directors in my new role to guide the business and deliver value for our stakeholders.”

Dr Tariq Bin Hendi, outgoing Chairman of ENBD REIT, commented: “It has been a privilege to play a part in the many accomplishments during my time with ENBD REIT and I wish to share my sincerest appreciation to my fellow Board members, the committees, the management and shareholders for their support and commitment over the years.”

Anthony Taylor, Head of Real Estate, added: “I am grateful for Tariq’s guidance and commitment to ENBD REIT over the years. He was instrumental in the structuring of ENBD REIT and subsequent listing in 2017.

“As Chairman of the Board, Tariq has led by example, ensuring the highest levels of corporate governance were constantly maintained through his open and transparent approach. I look forward to welcoming Rashed to the Board and, under the guidance of Ali and the other Directors, continue driving ENBD REIT’s positive performance in the current market conditions.”

Following the changes, the Board of Directors will comprise of the Chairman and three directors, namely Rashed Al Awadhi as well as Khalid Al Fahim and Mark Creasey who have both been involved with ENBD REIT since 2017. – TradeArabia News Service