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Dubai: Shuaa Capital announced the departure of Fadhel Al Ali at the end of his statutory term as chairman.

"Al Ali led Shuaa Capital through multiple phases of growth and his strong leadership played a significant role at key junctures in the Company’s development, including last week’s agreement with noteholders to amend the terms of a $150 million bond issued by a Shuaa-affiliated SPV," the company said in statement.

Acting CEO Wafik Ben Mansour said: “We are profoundly grateful to Fadhel for the strategic leadership he has brought to the Company over nearly five years."

The company also announced the re-election of three independent members Badr Al Olama, Ahmed Al Ahmadi, and Hamda AlMheiri to its board of directors, and the election of Darwish Alketbi and Nabil Ramadhan as new independent directors.