By Andy Sambidge
Move comes as part of efforts to strengthen corporate governance in group's entities
Dubai Holding announced on Wednesday the establishment of a new board of directors for TECOM Investments (TECOM), which owns and operates several free trade zones in the emirate.
The Dubai conglomerate said the move was part of Dubai Holding's efforts "to further strengthen corporate governance at its entities".
Earlier this month, it announced the setting up of a new board of directors for Dubai Properties Group (DPG), its real estate arm.
The new TECOM board, which comprises three independent non-executive directors and two executive directors, will be responsible for defining the investment philosophy, setting long-term business strategy and overseeing implementation; ensuring adequacy of internal controls and strategic risk management.
Ahmad Bin Byat, CEO of Dubai Holding, said: "Strengthened corporate governance forms a key pillar of Dubai Holding's strategic guidelines.
"We are confident that with such solid governance framework, TECOM will continue to further build on its success."
Abdullah Sharafi, president of Gerab National Enterprises, has been named as the chairman of the board.
Other members are Arif Alharmi, CEO, Amlak Finance, Ayesha Sultan, director corporate strategy, DP World, Adrian Bradley, chief financial officer, Jumeirah Group, and Abdullatif AlMulla, group CEO, TECOM.
TECOM Investments' largest portfolio companies is TECOM Business Parks, comprising 10 business parks under five industry clusters across the information and communication technology (ICT), media, education, sciences, as well as manufacturing and logistics sectors.
The free zones are home to over 4,500 companies, including major multinationals and many Fortune 500 companies.
Following the establishment of the board, committees for audit and risk, executive human capital, and investment and allocation will be formed for TECOM.