Eng Abdullah Al Shuraim elected Chairman of Gulf Navigation Holding PJSC (under establishment)

Mr. Rashed Hamad Al Shamsi was elected Vice-Chairman of Gulf Navigation Holding PJSC (under establishment) for a period of three years at the company's Board meeting held recently. Mr. Ghazi Abdul Rahim Al Ibrahim was invited by the Board to be Managing Director of the company.

The Board also selected an Executive Committee and a Review Committee whose responsibilities will be finalised at a later date. The Executive Committee members are Mr. Abdullah Abdulrahman Al Shuraim, Mr. Rashed Hamad Al Shamsi, Mr. Ghazi Abdul Rahim Al Ibrahim and Mr. Hazza Baker Al Qahtani. The Review Committee members include Ms. Salma Ali Saif Bin Hareb, Mr. Abdullah Mohammed Al Housany, Mr. Abdulrahman Saleh Al Saleh and Mr. Ali Hamdan Ahmed. Besides the appointment of Ernst & Young as company auditors, Haref Al Zahiri and Partners were appointed as Secretary to the Board.

Additionally, Mr. Rashed Hamad Al Shamsi and Mr. Ghazi Abdul Rahim Al Ibrahim have been authorised by the Board to undertake all activities to complete the company's listing procedures for the Dubai Financial Market. The company intends to complete its listing procedures soon after Eid.

Commenting on his selection as Chairman of the Board, Mr. Abdullah Abdulrahman Al Shuraim said: "I thank the members of the Board for the confidence that they have reposed in me to lead the company on its avowed growth path. It is an exciting time for our industry and business. I will do my utmost to ensure that our growth objectives are not only met but also exceeded. The company's shareholders can rest assured that Gulf Navigation Holding will move rapidly towards being one of the most valuable companies in the liquid cargo transportation business in the world."

Gulf Navigation Holding's recent AED 910 million IPO closed on August 07, 2006. The offer collected AED 3.1 billion and was oversubscribed by 3.5 times.

Gulf Navigation Holding PJSC (under establishment), the region's rapidly growing oil and chemical carrier, owns and operates 18 oil and chemical tankers through a fully-integrated organisational structure. Currently valued at AED 2.3 billion, it provides the full spectrum of services for maritime oil and petrochemical cargo transportation, maritime commercial agencies, vessels technical management and vessels in-port agency services.