Dubai Holding, a global investment holding company, announced today the establishment of the Board of Directors for TECOM Investments (TECOM), which owns and operates several free trade zones to support knowledge-based industries. This move is in continuation of Dubai Holding’s efforts to further strengthen corporate governance at its entities.
Dubai Holding’s Corporate Governance model constitutes of three independent non-executive directors and two executive directors. The Board will be responsible for defining the investment philosophy, setting long-term business strategy and overseeing implementation; ensuring adequacy of internal controls and strategic risk management.
Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: “Strengthened corporate governance forms a key pillar of Dubai Holding’s strategic guidelines. In accordance with international best practices, Dubai Holding is pleased to announce the appointment of a strong and experienced board for TECOM. We are confident that with such solid governance framework, TECOM will continue to further build on its success.”
Abdullah Sharafi, President, Gerab National Enterprises, has been named as the Chairman of the Board. Other members are Arif Alharmi, Chief Executive Officer, Amlak Finance; Ayesha Sultan, Director Corporate Strategy, DP World; Adrian Bradley, Chief Financial Officer, Jumeirah Group; and Abdullatif AlMulla, Group Chief Executive Officer, TECOM.
TECOM Investments' largest portfolio companies is "TECOM Business Parks", comprising 10 business parks under five industry clusters across the information and communication technology (ICT), media, education, sciences, as well as manufacturing and logistics sectors. The free zones are home to over 4,500 companies, including major multinationals and many Fortune 500 companies. TECOM Investments interests also include exclusive investments in high-growth sectors as well as 'pure play' businesses.
Following the establishment of the board, committees for Audit and Risk, Executive Human Capital, and Investment & Allocation will be formed for TECOM.