Governance

Emirates REIT’s corporate governance framework is composed of five boards and a management team. Each member has extensive experience in the region and adds a lot of value and knowledge to the REIT.

Emirates REIT is a closed-ended investment company with a mandate to invest in a diversidied portfolio of Sharia compliant real estate properties.

MANAGEMENT BOARD

The Management Board are responsible for guiding the REIT in their day to day operations and expanding and optimizing the Emirates REIT property portfolio.

Mr Abdulla Ali Obaid Al Hamli serves as Managing Director of DIB. Mr Al Hamli has been the Managing Director of DIB since July 2013. He served as the Chief Executive Officer of DIB from 22 September 2008 and served as its Executive Vice President of Business Services. Mr Al Hamli served as Chief of Operations and Information Technology at DIB for nine years, following 16 years in progressively senior positions at leading public and private-sector organizations in Dubai, including more than a decade and a half as the Director of Information Systems at the Dubai Ports Authority and Jebel Ali Free Zone. Mr Al Hamli has been the Chairman of Deyaar since July 2009. He has been the Chairman and Director at Tamweel PJSC since November 2010. He serves as a Director of DIB and Deyaar. He served as a Board Member of Injazat Technology Fund II, Injazat Technology Fund and Injazat Technology Fund E.C. and as a Director at Gulf Finance House BSC. He has completed various international professional development programs and holds a B.Sc. with majors in Economics and Mathematics from Al Ain University.
Mr Sylvain Vieujot is the co-founder and Group Chairman of Equitativa Group, and the CEO of Equitativa (Dubai) Limited. Equitativa Group is a group of companies that specialise in creating and managing financial products in emerging markets and particularly Real Estate Investment Trusts. An entrepreneur with 30 years of experience in creating, expanding and listing companies, Mr Vieujot is the visionary behind industry leaders such as Freelance.com (Listed on the French Stock Market – Alternet of Euronext), Platre.com and the Enata Group. He arrived in Dubai in 2005 and launched Emirates REIT in 2010 in a joint venture with the Dubai Islamic Bank, which became the first listed Shari’a compliant Real Estate Investment Trust in the Middle East in 2014. Mr Vieujot has a Masters in Entrepreneurship from the Haute Ecole of Commerce (HEC), France, and is an engineer in computer science, microelectronics and electro-technology.
Ms Magali Mouquet is the co-founder and Group Chairwoman of Equitativa Group, and CEO of Equitativa (AD) Limited. Equitativa Group is a group of companies that specialise in creating and managing financial products in emerging markets and particularly Real Estate Investment Trusts. Ms Mouquet has 30 years of experience in creating companies and structuring them for long-term growth and IPOs. She moved to Dubai in 2005, where she amassed substantial experience in the Middle East real estate sector. In 2013-2014, she led the IPO of Emirates REIT on Nasdaq Dubai, the first listed Shari’a compliant REIT in the Middle East. She oversees the overall operations of the group as well as the several REITs created and managed by Equitativa, where she is particularly involved in the assets’ designs, developments and fit- out. Ms Mouquet is a dynamic entrepreneur, creating and managing several companies, such as Freelance.com (listed on French Stock Market Alternext of Euronext), Platre.com and the Enata Group. Ms Mouquet is a Harvard Business School Alumni and a certified IRO.

MANAGEMENT TEAM

The Management Team are responsible for guiding the REIT in their day to day operations and expanding and optimizing the Emirates REIT property portfolio.

Ms Saulat is the compliance officer and money laundering reporting officer (MLRO) of the REIT Manager. Ms Saulat has over 10 years of experience in compliance, working as head of compliance for the National Commodity Exchange in Pakistan and most recently with the DFSA within the markets division. Ms Saulat started her career at UBS Investment Bank, where she joined their graduate training program after completing her BSc Honors degree in business management from Kings College, London.
Racha has over 18 years of experience in developing and selling financial services and products to institutional customers in Europe and MENA region – currently, she is the CDO at Equitativa, the manager of Emirates Reit, strategically expanding the business with a wide client base of family offices, institutions, conglomerates and international broker-dealers. Prior to joining Equitativa, Racha held positions at Menacorp as Head of Institutional coverage, at Fidessa as Business Manager in the Middle East, and at Tier 1 international banks and institutions including Lehman Brothers, State Street and Bloomberg in the London, UK. With a strong mathematical background and clear strategic mind, Racha has focused on successfully developing strong relationships in the region. Racha holds an MBA from Imperial College in London, UK and a BSc in Mathematics from UCL, London, UK. She speaks English, Arabic and French.
Sheikh Muhammed Moeen joined Equitativa Group as the Group Finance Director in July 2019. Moeen is a Chartered Accountant from Pakistan and England & Wales and carry over 18-years international experience in banking and financial services sectors. In addition to core finance & accounitng and strategic planning expertise, Moeen has rich experience on corporate set up, sell-offs, mergers & acquisitions and corporate restructuring.

Prior to joining the Group he was working as the Head of Finance – International for United Bank Limited International operations based in UAE, heading the finance function of the overseas operations of the bank spread across UAE, Bahrain, Qatar, Oman, Yemen, Tanzania, China, Switzerland and USA. Before moving to the UAE he remained engaged as Chief Financial Officer of listed commercial banks, brokerage, asset management and investment bank businesses and was associated with the local affiliate of Bank of America-Merrill Lynch as the Group CFO. Moeen did his Chartered Accountancy from PriceWaterhouseCoopers LLP and has worked in credit rating agency before entering in the main-stream financial services business. Has is closely associated with the Institute of Chartered Accountants in England and Wales and has been a member of The Institute of Chartered Accountants of Pakistan’s Technical Committee for Financial Services Sector.
Mr Alain Debare is responsible for the Real Estate Portfolios managed by the Equitativa Group and focuses on the various properties with a supervisory role to ensure the objectives are achieved. Driven by his sector knowledge and hands-on expertise, Alain is closely involved with the property managers and teams to increase the profitability and performance of the operating properties. Alain brings extensive experience in operations and development having spent most of his career in the hospitality industry, in various operational roles and more recently as a hotel owner, developer and asset manager. Alain held various management positions with leading hotel management companies, including Mandarin Oriental and Hilton Hotels Corporation and joined Equitativa in September 2018 from his role as CEO of Action Hotels PLC which he led shortly after its inception and has been key to its growth. Alain has broad international management and operations experience having worked in the Philippines, France, Venezuela, Brazil, Spain and the GCC. Mr Debare received a BA and a Masters in Hotel Management from Institut Paul Bocuse - IGL Lyon in France and has also obtained a certification in hospitality investments and asset management from Cornell University. He speaks fluent French, English and Spanish and is a founding member of HAMA (Hotel Asset Managers Association).

INVESTMENT BOARD

The Investment Board consists of independent subject experts, who have authority (by profession, expertise or reputation) and are authorised to review and confirm that they have no objection to prospective investment opportunities proposed by the REIT Manager. The Investment Board are not involved in the day to day management of the REIT.

Abdullah Al Hashemi is a Director and Owner of Al Hashemi, a planning, architectural and engineering company. Mr Al Hashemi is also a Director and Member of the Board for the Dubai Electricity and Water Authority (DEWA). He was educated in Egypt and graduated from the Fine Arts Academy – Egypt in 1979 with a bachelor of Architecture. From 1979 to 1983, Mr Al Hashemi worked with the Ministry of Public Works. He then moved to work for Dubai Municipality from 1983 to 2004, where he was appointed as Head of the Planning Department. Previously, Mr Al Hashemi has served on the boards of the Dubai Islamic Bank, AWQAF & Minor Affairs Foundation and the Private Housing Finance Scheme.
Captain David Ralph Savy was appointed to the Investment Board on 13 December 2010. Captain Savy served as chairman and chief executive of Air Seychelles for a period of 14 years until February 2011. He is currently the chairman of the Seychelles Civil Aviation Authority. Captain Savy launched his professional career as a pilot soon after his studies and has held both civilian and military posts. Civilian posts included airline captain, general manager flight operations, chief pilot, trainer and examiner with Air Seychelles. On the military side, Captain Savy served in several posts varying from commanding officer of the Seychelles Airwing to the Seychelles Defence Academy. He also holds the title of Lieutenant Colonel (Retired). Captain Savy sits on a number of government boards including the Seychelles Tourism Board. He is also a board member of H. Savy & Company Ltd. (Seychelles), H.Savy Insurance (Seychelles) and Veling Hospitality (Mauritius). Captain Savy is a board member of Veling Holding (Mauritius) and treasurer of the Seychelles Children’s Home Foundation.
Mohamed Sharaf is the Chief Executive Officer of Arab Media Group, the media and entertainment arm of Dubai Holding. Mohamed assumed the role in August 2018 and is responsible for spearheading AMG’s mission to be the leading media and entertainment businesses in the Middle East. Based in Dubai, AMG is one of the region’s premier entertainment organizations, covering radio broadcasting, event management, and family entertainment. With a vision inspired by innovation, AMG is positioned as an engaging premier integrated entertainment company, managing Global Village, Arabian Radio Network and Done Events. For more than 20 seasons, Global Village has provided world class cultural and family entertainment, along with a cosmopolitan and diverse shopping experience, to its millions of visitors. During its 2017-2018 season, it achieved a record-breaking footfall of over 6 million visitors – receiving the ‘No.1 Leisure and Entertainment Destination in the UAE’ in the YouGov Brand Index.

OVERSIGHT BOARD

The Oversight Board are the committee appointed to oversee and supervise the activities of the REIT. All Members of the Oversight Board are independent of the REIT. The Oversight Board ensure that the REIT have adequate systems and controls in place, remain in compliance with any requirements of the relevant rules and regulations and report their findings to both the REIT and where necessary to the DFSA.

Suresh Kumar was appointed to the REIT’s Oversight Board on 16 August 2012. Mr Kumar is currently the Chairman of the Values Group in Dubai. Previously, Mr Kumar had served as a Chief Executive Officer & Board Member of Emirates NBD Capital and Emirates Financial Services PSC in Dubai ; having been a member of the Group Executive Committee for 27 years. Currently, he is also the non-executive Chairman of both the Federal Bank Financial Services as well as IDBI Federal Life Insurance Company and a Director on the Board of ICICI Prudential Asset Management Company( AMC) -- all in India. Mr Kumar was also a non- executive board member for 8 years and stepped down as Chairman of Federal Bank in November 2013. He was the first recipient of the Rotary International Scholarship and Lord Aldington Banking Fellowship in 1977 and 1978, respectively. Mr Kumar is also a Fellow of the Indian Institute of Bankers. He had earlier completed two Advanced Management Programmes at the London School of Business and at the Columbia University. Mr Kumar graduated in Economics from the Sydenham College of the University of Mumbai in 1971.
Mr. Fahad Kazim is currently the Senior Advisor to the Group Chairman at Meraas Holding. Prior to Meraas Holding, he served as Chief Investment Executive Officer at Bright Start LLC for two years. Mr. Kazim helped formalise Bright Start’s overall investment strategy and oversaw its real estate projects, including a Four Seasons Hotel and a mixed-use development project in Dubai. Prior to Bright Start LLC, Mr. Kazim worked with PricewaterhouseCoopers as part of the Transaction Services team, focusing on financial due diligence and valuation assignments and advising clients on buy/sell transactions in the real estate sector with a focus on the hospitality and retail industries. He was also involved in significant assignments, including the establishment of one of the largest real estate development companies in the Kingdom of Saudi Arabia. Mr. Kazim serves as Non-Executive Director on the boards of Arthogen BV, Dubai Parks and Resorts PJSC Dubai Hills and Rove Hotels. Mr. Kazim holds a bachelor’s degree in Accounting from Concordia University in Canada and is a qualified Certified Public Accountant.
Mr. Mustafa Al Hashimi has over 10 years' experience in the Real Estate sector with a focus on hospitality. Mr Al Hashimi is currently the Chief Hospitality & Leisure Officer in the Wasl Group, where he leads the hospitality asset management team and oversees the development of new projects. Mr Al Hashimi began his career in the Oil & Gas Industry and was employed by Schlumberger the largest oilfield services company in the world, working as an Engineer In-Charge in the USA, Saudi Arabia, Qatar, and the UAE. He was the youngest high technology specialist in his field overlooking one of the largest offshore operations in the company. During his time at the Wasl Group, Mr Al Hashimi was able to transform the structure and hospitality culture of the organization efficiently, which resulted in an exponential financial growth year on year whilst winning multiple international and local awards in both service excellence and facility/restaurant management. Mr. Al Hashimi holds a Bachelor Degree in Engineering from Concordia University in Montreal, Canada and was part of the UAE Consortium for Executive Development from INSEAD.

ADVISORY BOARD

The Advisory Board provide expert strategic advice, general views and assistance to the REIT on the current state of the real estate market together with opinions on recent trends and developments. The Advisory Board members can also provide specific adhoc advice in relation to various projects as needed. The Advisory Board are not involved in the day to day duties of the REIT.

Khalid Al Malik is the Group Chief Executive Officer of Dubai Properties Group, a leading real estate developer in the United Arab Emirates. The Group has successfully delivered footprint of over 43 million square feet comprising of landmark residential communities, commercial properties and business districts in Dubai that include Business Bay, Jumeirah Beach Residence, The Executive Towers, Remraam, Al Khail Gate, Shorooq Midriff and JBR Walk. Khalid continues to spearhead the group’s growth strategy and has lead restructuring of the business in delivering fully integrated real estate developments and property management solutions. His prior responsibility was as the Chief Executive Officer of Tatweer, a major real estate conglomerate in Dubai where he was closely involved in strategy and execution of businesses in Health Care, Leisure & Entertainment and Industrial development. He has served with the Government of Dubai in senior positions and was the Director of Operations at Dubai Development & Investment Authority until 2005. Khalid serves on the board of Empower and is the member of the advisory board of Emirates REIT. He is the Executive Director on the board of Dubai Properties Group and is the Chairman of the board of Arady Developments. He also serves on the board of several international real estate companies in Morocco, Turkey and Oman. Khalid has a passion for motor sports and was the General Manager of Emirates Motor Sports Federation where he was tasked to broaden the appeal of motor sports in the United Arab Emirates. His academic credentials include a bachelor degree from the University of Arizona with a double major in Management Information Systems and Production & Operations Management; a Master in Business Administration (MBA) from the Zayed University in the United Arab Emirates with specialization in e-commerce. He is a graduate of the Dubai Government Leaders’ Programme, a component of the Mohammed Bin Rashid Programme for Leadership Development.
Kunal Bansal was appointed to the Advisory Board on 31 January 2013. Mr Bansal has been a director and partner at Vintage Bullion DMCC since its formation. Mr Bansal holds a Bsc in finance from the Rochester Institute of Technology.
Michael Wunderbaldinger joined TECOM Investments as CFO from Unibail-Rodamco, the largest listed, fully integrated real estate conglomerate in Europe, where he was responsible for operations in Central & Eastern Europe. Prior to this, Michael was Chief Financial Officer & Chief Operating Officer at General Electric with various responsibilities for European wide operations, including emerging markets in Eastern & South Eastern Europe as well as for Russia and Turkey, both in the Banking as well as Real Estate industry. Michael has extensive experience across a range of Finance disciplines including restructuring and acquisition, corporate governance and compliance, real estate valuations and modelling, due diligence, and deal structuring. Michael holds a Master’s degree in Economics & Business from the Vienna University of Economics and Business Administration, as well as an MBA in General Management from the Erasmus University, Rotterdam, The Netherlands. He also holds a MBA (MBA Exchange Program) in Financial Management & Strategy from the University of Texas, Austin, U.S.A.

SHARIA SUPERVISORY BOARD

The Sharia Supervisory Board ensure compliance by the REIT with Sharia principles and where possible, advise, guide and provide assistance in the development and structuring of Sharia compliant transactions as well as developing the REITs business in line with Sharia best practice.

Dr Mohammad Abdul Hakim Zoeir was appointed to the Sharia Supervisory Board on 10 November 2010. Dr Zoeir has a doctorate and a master’s degree of Islamic Sharia from AI-Azhar University, Egypt. He also holds abachelor’s degree in management science. He has over 30 years of Islamic banking experience and is very highly regarded in the field of modern Islamic finance. In addition to being a member of the Fatwa and Sharia supervisory board of DIB, Dr Zoeir sits on Sharia boards of numerous financial institutions including Tamweel and Amlak.
Mian Muhammad Nazir was appointed to the Sharia Supervisory Board on 6 June 2012. Nazir has an LL.M Commercial Laws from the University of Cambridge, UK; LL.B (Hons) Sharia and Law (Distinction) and B.A Islamic Jurisprudence from the International Islamic University, Islamabad, Pakistan. Nazir is a Sharia Scholar and an accomplished Sharia practitioner in the field of Islamic banking, finance and insurance. He has extensive experience in Islamic structuring, product development and documentation of Islamic banking, finance and insurance products including retail, corporate, syndications, project finance, Sukuk, securitization, fixed income structured notes, Islamic investment funds, Waqf (Islamic trusts), real estate funds, Islamic swaps and derivatives, hedging, insurance, microfinance products and Islamic finance regulations, including governance.
Fazal Rahim was appointed to the Sharia Supervisory Board on 1st February 2016. Fazal holds a M.A. in economics from University of Karachi, Pakistan, a B.A. in Islamic Studies & Arabic from the University of Karachi, Pakistan and a PGD in Islamic Banking and Insurance from IIBI, London. He has also been certified as a Sharia Adviser and Auditor by AAOIFI, Bahrain. Fazal is an accomplished Sharia practitioner in the field of Islamic banking and finance with more than 20 years of experience in local and regional banks. He has vast experience in structuring, developing and documenting Islamic products, services and transactions across the Islamic banking and finance industry and has worked closely with regional Sharia scholars. Fazal has also undertaken and produced extensive research on many contemporary Islamic finance and banking topics. He is a member to the Islamic Banking Committee of the UAE Central Bank (the UAECB), Islamic Banking Committee of the UAE Banking Federation (the UAEBF) and Islamic Banking Coordination Committee of UAE Islamic banks.