A new Board of Directors was formed following a number of resignations.

The Board of Directors of Gulf Navigation Holding approved the conversion of AED 1.169 billion in mandatory convertible bonds into 935.6 million shares at a conversion price of AED 1.25 per bond, in favor of the owners of Borouge Energy Limited. The matter will be pursued with the Securities and Commodities Authority to obtain the necessary approvals, with a one-year trading lock-up period imposed from the issuance date.

The new Board of Directors

During its meeting, the Board also approved the resignation of Suhail Al Mazrouei from his position as Vice Chairman and Board Member, appointing him as Chairman of the Board, and Rasoul Al Ameri as Vice Chairman. These appointments will be confirmed and reviewed once the Board is fully constituted. After the resignation of Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan from his position as Chairman of the Board, effective Monday, November 24, 2025

The resignations of some board members

Furthermore, the Board approved the appointment of Saif Ibrahim Al Hazaymeh as Acting Chief Executive Officer of the company and the cancellation of Jimmy Rashid's appointment as a Board Member, due to his failure to meet the required membership criteria. He was appointed as an advisor to the Board.

The resignations of board members Khalifa Al Muhairbi, Mohammed Al Thawadi, and Ahmed Al Kilani were accepted, with the stipulation that they continue in their roles until new board members are elected.

The board also approved adding two items to the general assembly's agenda: the company's repurchase of up to 5% of its total shares (treasury shares), and the election of new board members to replace those who resigned.

 About : Gulf Navigation Holding 

Established in 2003, GULFNAV combines a proud heritage with a strong client base and exciting future vision. Reinvigorated by a new executive team, we’re constantly looking for ways to go the extra mile: To support our partners. To improve safety and sustainability. And to always do what’s best for our employees, our investors and the planet

Headquartered in Dubai, They has  extensive facilities at the ports of Fujairah and Khorfakkan, along with an overseas office in the Kingdom of Saudi Arabia. Longstanding international partnerships extend thierreach across the world.It is the only publicly-listed maritime company on the Dubai Financial Market with truly global services.

Gulf Navigation Holding , Suhail Al Mazrouei ,  Rasoul Al Ameri , conversion of AED , Borouge Energy Limited. Theyab bin Tahnoon bin Mohammed Al Nahyan