Aldar Properties, Abu Dhabi’s biggest listed developer, appointed Mariam Saeed Ghobash as the new vice-chairperson of the company.
The development comes following a decision by Waleed Ahmed Almokarrab Al Muhairi to step down as vice-chairman "in compliance with regulations by the UAE’s Securities and Commodities Authority related to membership of multiple boards of public entities", the company said in a statement to Abu Dhabi Securities Exchange where its shares trade. Mr Al Muhairi will continue as a board member of the company.
Aldar, the developer behind a number of projects in Abu Dhabi including the Gate Towers on Al Reem Island and Yas Mall, reported Dh1.76 billion in revenue for the first quarter of 2020, unchanged from the same period a year ago, despite the coronavirus pandemic.
"Mariam’s investment expertise and her experience on the boards of some of the UAE’s largest entities will benefit Aldar during a very exciting period ahead," said Mohamed Khalifa Al Mubarak, chairman of Aldar.
Ms Ghobash joined Aldar’s board of directors in 2018 becoming the company's first woman on the board.
Ms Ghobash is currently the director in the Global Special Situations Department at the Abu Dhabi Investment Council. She is also the vice-chairman of Invest AD and serves as a member of the board of directors at Etisalat and Emirates Development Bank, according to her biography on Aldar website.
Previously, she served on the boards of National Bank of Abu Dhabi, Al Hilal Bank and National Takaful Company.
"I look forward to continue to work with the board of directors and the executive team at Aldar, as we collaborate to deliver its sustainable growth strategy and ensure shareholder value," Ms Ghobash said.
Earlier this year, Aldar increased its support to property, education and retail customers to Dh190m to supplement the government's efforts to soften the blow of the coronavirus pandemic on the emirate's economy.
The developer also set aside Dh4bn to make sure its contractors, suppliers and consultants are paid on time.
Ms Ghobash holds a Bachelor of Science degree in economics from The Wharton School, University of Pennsylvania in the US.