Dubai: Emaar Properties could be set to expand its board and replace four directors ahead of a meeting in Dubai on Monday that will reveal whether the developer will pay out a dividend.
In a statement on the Dubai stock exchange on Monday, Emaar announced that Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince and Chairman of the Executive Council of Dubai, had nominated 11 members for the board.
They include Chairman Mohammad Ali Alabbar, Noor Islamic Bank CEO Hussain Al Qemzi, Ahmad Jamal Jawa and Ahmad Thani Al Matrooshi.
The new members would be DP World Ltd. Vice Chairman Jamal Majid Bin Thaniah and the Dubai-based port operator's senior vice president, Arif Al Dehail. Dubai Holding LLC's chairman of operations Fadel Al Ali, Abdul Rahman Hareb Rashed Al Hareb, Marwan Iqbal Mohammed Abdullah Abdeen, Abdullah Saeed Balyoahah and Abdullah Mohammed Al Marri were also nominated to the board.
Four current board members who are listed on the company's website - Drake & Scull International Chairman Majid Saif Al Ghurair, Sayeed Al Tayer, Lowai Mohammad Belhoul and Khalifa Hassan Aldaboos - weren't included in the new board. The term of the current board will end in April.
The news on whether Emaar, over 30 per cent of which is owned by Dubai's government, will pay a dividend is expected to be announced later on Monday.
