Hareb Al Falahi appointed CEO of Gulf Energy Maritime

Hareb joins the UAE-headquartered corporation after an eight year management career at Etisalat - the Emirates' main telecommunications supplier and the largest single non-oil contributor outside UAE Federal Government development programmes. There he headed the mergers and acquisitions division for the Fortune 500 company currently standing 140th among the Financial Times Top 500 global corporations.

"We are looking to Hareb to navigate our long-term expansion blueprint which aims to propel GEM into the world's top ten tanker operators," said Yusr Sultan, Director, speaking on behalf of GEM's shareholders. "With his exceptional team management skills, and extensive experience in financial, legal and commercial spheres the target looks highly achieveable."

Yusr Sultan stepped down to undertake a full time board level role as Director. He will concentrate on corporate policy, management team expansion and GEM's strategic growth.

During his career Hareb was involved in several Etisalat acquisitions, three of which are well known in the regional telecom industry - the challenging USD 2.6 billion Pakistan Telecommunications Company Limited (PTCL) deal, the hard-fought USD 2.9 billion bid for the third Egyptian mobile network licence and the second mobile license in the Kingdom of Saudi Arabia (MOBILY) for which Etisalat bid $3.5 billion.

Hareb's appointment comes as GEM is to receive 12 hi-specification vessels with an order book value of USD 570 million by the end of 2009, taking its double-hulled fleet tally to 19 - making it one of the youngest in the world.

"GEM is already an established quality tanker operator, one which is setting regional benchmarks for delivering excellence across oceans in operations, environment, health & safety procedures," commented Hareb.

"The challenge will be to utilise my financial, commercial, legal and operational experience in project management to reinforce the company's existing sound technical approach and ensure that GEM retains its regional leadership position and has the necessary hull to navigate global industry waters."