Gulf Navigation has appointed a new group chief executive, alongside its second new board of directors in three months, following significant changes in ownership.
The Dubai-based shipping firm yesterday named Khamis Juma Buamim, who served as chairman of Dubai’s Drydocks World from 2010-15, as group chief executive with immediate effect.
It is unclear as to whether Mr Buamim’s appointment is seen as a replacement for chief executive Parag Jain, who was confirmed in December, or a complementary role that will run alongside Mr Jain’s.
Mr Buamim did not respond to a request for comment. Gulf Navigation was not available for comment.
Mr Buamim’s appointment comes after the company last month elected a new chairman, Abdulla Al Hemeiri, together with a new board of directors, after a similar overhaul in January.
The overhaul in senior management comes as two Gulf Navigation investors – Diamond Line General Trading and Tabarak Constructions – increased their shareholdings in the company in recent weeks to 8.55 per cent and 10.35 per cent respectively.
It is unclear as to how long the two companies have been investors in the company, and when they increased their shareholdings. Neither could be reached for comment.
The two companies are also investors in Dubai-based Islamic insurer Takaful Emarat. A spokeswoman for the insurer said that both companies were domiciled in the UAE.
Meanwhile, Integrated Capital, a subsidiary of Abu Dhabi Financial Group (ADFG), has decreased its shareholding in Gulf Navigation to under 5 per cent, from its previous level of 6.01 per cent, according to an ADFG spokesman.
Integrated Capital’s director of special projects Pathikrit Banarjee is among the seven board members elected in March. However, the ADFG chairman Jassim Alseddiqi, appointed to the board in January, is not.
Gulf Navigation in February announced a doubling of annual profits for 2015, thanks to growth in the shipping services business, even as it remains in breach of several loan covenants incurred by its VLCC segment, which it has subsequently divested.
The company’s shares have been the second best performer on the Dubai Financial Market in 2016 behind Shuaa Capital, rising 54.8 per cent since the start of the year, in comparison with 11.1 per cent for the market as a whole.
The company’s shares rose 3.45 per cent to 96 fils yesterday, before the news of Mr Buamim’s appointment was disclosed.
jeverington@thenational.ae
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Spec%20sheet
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The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
UAE currency: the story behind the money in your pockets
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
INDIA'S%20TOP%20INFLUENCERS
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More on Quran memorisation:
COMPANY%20PROFILE
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Islamic%20Architecture%3A%20A%20World%20History
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills