Gulf Navigation Holding Announces New Board of Directors

In its recent meeting, the General Assembly of listed maritime and shipping company Gulf Navigation Holding PJSC (GNH) has approved a new Board of Directors chaired by Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan.

With annual turnover exceeding $60 billion GNH owns a fleet of 8 ships and more than 20,000 maritime companies. Over 21,000 ships dock in the UAE ports each year, carrying around 17 million containers and hundreds of thousands of tons of petroleum derivatives, bulk cargo and raw materials.

The General Assembly appointed Eng. Abdulla Atatreh as Vice Chairman. Mr. Mohamed Alhammadi, Dr. Abdulaziz Alongary, and Mr. Waleed Mohammad have been approved as new members of the board in addition to the current members — Dr. Abdul Rahman Mahmoud Al Afifi and Mr. Ahmad Kilani.

The new appointments support the company's relentless efforts for a new start in the maritime sector after the peak of the impact of COVID-19, which greatly affected the global markets, is over.

Shareholders and investors count on the new board members and their extensive experience in managing both joint-stock and private companies.

Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding Group, said: “The UAE is one of the most important global maritime hubs, and Dubai ranks fifth among the best maritime cities worldwide. The maritime economy is a key pillar for preparing the economy of the UAE for its golden jubilee.

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"The UAE will continue to support the maritime industry, inject more investments and build more capabilities to develop it further. That’s why, investing in the maritime sector is in fact reinforcing the future of the new generations in the UAE.

"We assume this responsibility at an exceptional time with totally different rules for doing business from what the world was used to before COVID-19. This is a major challenge, but what makes us optimistic is the strategic position of the maritime sector in this new order.

"Seafarers and employees in the maritime sector have been the ‘Blue Army,’ securing fuel, food and other necessary supplies for the medical teams or the ‘White Army’ in particular and societies around the world in general.

"There’s still strong demand for shipping services around the world and we are very optimistic about the promising opportunities the future holds for Gulf Navigation.”

Sheikh Theyab added: "The other aspect that makes us optimistic at Gulf Navigation is our diversified fleet of ships, which includes petrochemical tankers, livestock transport vessels and marine support vessels.

"This allows us to provide our services to different markets that do not necessarily depend on one sector such as oil or gas, which often witness fluctuations, affecting the shipping sector.

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"We are confident that the company will regain its position and overcome all the effects of the pandemic."

At its meeting on Wednesday, 2 September 2020, the new board appointed Mr. Rudrik Flikweert as the Group's Chief Financial Officer (CFO). Owing to his extensive financial and analytical expertise, his appointment is a fundamental step in forming the executive management.

Gulf Navigation Holding conducted many mandatory maintenances for its main tankers in 2018 and 2019. This allows these vessels to have contracts for long periods of time without any interruption to carry out major maintenance operations, some of which take months as ships remain in the dry docks.

Gulf Navigation Holding Group is the first joint-stock company in the maritime sector to be listed on the Dubai Financial Market.

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