$1.3bn Gulf Energy Maritime has new chairman

Al Mehairi takes over from Khadem Al Qubaisi, who moves on to focus on his increasing roles in various governmental bodies and his chairmanship of various international and regional corporations, including his vital role as Managing Director of IPIC, a $14bn global investment company. IPIC is looking to expand further this year, which requires Al Qubaisi to concentrate all his efforts in overseeing the expected growth.

Speaking on behalf of the board of directors, Ahmed Essa Hareb Al Falahi, CEO, GEM said: "Khadem Al Qubaisi brought in a lot of value to GEM through his expertise in the investment markets and his varied experience in the oil and gas industry. Our asset base increased through his strong endorsement of our foresighted purchase of two Aframax tankers this year which will have a long lasting impact on the company's core business."

"We value his immense contributions to GEM during his tenure as chairman. His growing stature within the UAE energy departments and his high corporate profile within the oil and gas industry have dictated his move from GEM and we appreciate and respect his decision."

Al Qubaisi has handed over his responsibilities to Al Mehairi who will now oversee GEM's growth into its fifth year.

"Al Mehairi is well known for his administrative and investment roles within the oil and gas industry. His experience as a board member of several top-notch companies including Austrian plastics giant Borealis and Pakistan based Pak-Arab Pipeline Company (PVT) Ltd has given him invaluable insight into the global oil and gas investment market," explained Al Falahi.

"He is also the Vice Chairman of Pak-Arab Refinery Ltd. (PARCO), Pakistan and the Co-Chairman of the Steering Committee Board, in Cosmo Oil, Japan. Al Mehairi's chairmanship complements GEM's global role in the energy transportation sector."

Al Mehairi started his career with Abu Dhabi National Oil Company (ADNOC) in 1999, where he headed the Far East Area/Crude & Condensate Division for ADNOC.

In August 2006 he joined IPIC as their Investment Manager in the Investment Management Division being quickly promoted to Division Manager, Evaluation & Execution Division for his intuitive decision making skills.

As the new chairman, Al Mehairi will oversee the strategies required for the energy transporters - which has grown over 810% in the last four years to become a $1.3bn company - to step into its fifth year of continued growth. The fleet more than tripled from six vessels since its inception in 2004 to a current order book of 21 with revenues and profits exceeding all targets.

"GEM has been a leader in its class of energy transportation setting global benchmarks for the industry to forge ahead in spite of its challenges. The O&G industry has seen a bull-run in the past few years and the chemical energy transportation industry too has benefited from it. GEM's new chairman will maximise that potential," continued Al Falahi.

Al Mehairi has a bachelors degree in science & business administration and finance from the Suffolk University, Boston, U.S.A.