Dubai Holding has announced a new board of directors for Dubai Properties Group (DPG), its real estate arm.
The newly appointed board will include three independent non-executive directors and two executive directors.
It will be responsible for setting long-term business strategy, overseeing implementation, ensuring adequacy of internal controls and strategic risk management, the company said in a statement.
“This governance model has been developed after extensive benchmarking against international and local best practices within the local regulatory framework,” it added.
“We recognise the significance of strong corporate governance especially in large diversified operations such as ours,” Ahmad Bin Byat, chief executive officer of Dubai Holding said in the statement.
“The establishment of the Board will further enhance the international best practices adopted at Dubai Properties Group,” he added.
Abdulla Al Shamsi, general manager of United Arab Shipping Agencies has been named the chairman. Other DPG board members include: Mohammed AlJallaf, managing director, Al Huda Investments; George Mushahwar, managing partner, Zaya Advisory; Nicholas Clayton, chief operating officer, Jumeirah Group; and Khalid Al Malik, group CEO, DPG.
Following the formation of the board, committees for Audit and Risk, Executive Human Capital, and Investment & Allocation will be formed, the company said.
DPG’s portfolio includes projects like Business Bay, Jumeirah Beach Residence, and Dubailand.
Earlier this year, DPG said that it would recommence work on all its mega projects that were either suspended or delayed during the financial crisis, since it saw a re-emergence of investor confidence in the property market.