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ENBD REIT Announces Changes to Board of Directors

Monday, February 04, 2019

by Emirates NBD

  • ENBD REIT has expanded its Board of Directors
  • New directors boast a wealth of UAE experience, reflecting the growing maturity of the business and its asset class

Dubai, United Arab Emirates, 23 January 2019: ENBD REIT (CEIC) PLC ("ENBD REIT" or the "REIT"), the Nasdaq Dubai-listed Shari'a-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced the conclusion of a series of changes to its Board of Directors. Mr. Ali Rashid Humaid Al Mazroei was appointed after being nominated for the Board by National Bonds Corporation, one of the largest investors in ENBD REIT. Mr. Khalid AlFaheem was also appointed to the Board of Directors, having been a member of ENBD REIT's investment committee since its listing in 2017.

The appointment of Mr. Al Mazroei follows the departure of Mr. David Marshall, who resigned from ENBD REIT's Board of Directors in December 2018, as he seeks to focus his attentions on new business ventures in the UAE. With the appointment of Mr. Al Mazroei, the Board's membership is now 75% Emirati, reflecting the growing maturity of the business, as well as the REIT asset class in the UAE.

Tariq Bin Hendi, Chairman of ENBD REIT, commented “As the REIT matures and expands its footprint in the UAE, we are delighted to see an increase in Emirati representation on our Board as we welcome Ali Rashid Humaid Al Mazroei and Khalid AlFaheem. Their deep experience in the local market, as advisors and board members to various businesses and organisations, will add considerable value to our governance framework, as the directors seek to provide valuable counsel and guidance to ENBD REIT's management, while promoting the interests of shareholders.”

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said “As we welcome new members to the Board of Directors, we would like to express our gratitude to David Marshall, who has supported our business for over 10 years, and to wish him well as he embarks on new ventures in the UAE. David played an essential role in our re-domiciliation from Jersey to Dubai in 2016, and our subsequent listing on Nasdaq Dubai in March 2017. He has since been instrumental in guiding us on our growth journey. We now look forward to working with the new members of the Board as we seek to expand and diversify our portfolio in the UAE.”

Mr. Khalid AlFaheem has over fifteen years of experience in management and board advisory, currently sitting on the boards of ALFAHIM, Blacklane (Germany), Rmal Hospitality, Arady Real Estate and International Investment Bank (Bahrain). Mr. Ali Al Mazroei is a Board member of Dubai Financial Market, National Bonds Corporation and Emirates Investment & Development PSC. The new directors join ENBD REIT's Chairman, Mr. Tariq Bin Hendi, who has been a Board member since the REIT's listing in March 2017 as well as Mr. Mark Creasey, who has been involved with ENBD REIT since March 2009 and sits on the boards of a number of other conventional and Shari'a compliant structures.

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