ENBT REIT Gets New Chairman

Ali Rashid Humaid Al Mazroei takes on the new role as Dr Tariq Bin Hendi steps down

ENBD REIT (CEIC) PLC, the Sharia compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that Dr Tariq Bin Hendi will be stepping down from his role as the Chairman of the Board of Directors. Dr Bin Hendi was appointed as the Chairman in 2017 and will be a Consultant to the company till June 2024.

Ali Rashid Humaid Al Mazroei, who was appointed as the Director of ENBD REIT in 2018, will succeed Dr Bin Hendi as the Chairman at the next board meeting in November 2023. He holds a number of other leadership roles including being a Board Member of National Bonds Corporation since 2011 and Ajman Bank since 2021. Rashed Al Awadhi will replace Dr Bin Hendi as the new Director of ENBD REIT. Also the Chief Real Estate Officer at Wasl, Rashed is a board member of many organisations such as Dubai Sports Corporation, Kifaf Real Estate Development, JAG Real Estate, Warqa Gardens, Dubai Commerce City, and Amlak Finance.

Said Al Mazroei, the incoming ENBD REIT Chairman, “On behalf of the board and the entire ENBD REIT team, I would like to extend our heartfelt gratitude to Tariq for his leadership since the company’s listing on NASDAQ Dubai and wish him continued success in his future endeavours. I also welcome Rashed Al Awadhi to the board and look forward to working with my fellow directors in my new role to guide the business and deliver value for our stakeholders.”

Tariq Bin Hendi, outgoing Chairman of ENBD REIT, commented, “It has been a privilege to play a part in the many accomplishments we have had during my time with ENBD REIT and I wish to share my sincerest appreciation to my fellow board members, the committees, the management and shareholders for their support and commitment over the years.”

Anthony Taylor, Head of Real Estate, added, “I am grateful to Tariq for his guidance and commitment to ENBD REIT over the years. He was instrumental in the structuring of ENBD REIT and its subsequent listing in 2017. As the Chairman of the Board, Tariq has led by example, ensuring that the highest levels of corporate governance were constantly maintained through his open and transparent approach. I look forward to welcoming Rashed to the Board and under the guidance of Ali and other Directors, continue driving ENBD REIT’s positive performance in the current market conditions.”

Following the changes, the Board of Directors will comprise of the Chairman and three Directors, namely Rashed Al Awadhi as well as Khalid Al Fahim and Mark Creasey who have both been involved with ENBD REIT since 2017.