SAIF Humaid Al Falasi, CEO of the Emirates National Oil Company (ENOC), Dubai government's wholly owned company, has been announced as the new Chairman of Gulf Energy Maritime PJSC (GEM). In accordance with the shareholders' agreement, the chairmanship rotates every three years between IPIC and ENOC – two of GEM's major shareholders. Effective May 31, 2016, Al Falasi will take over GEM's top post in its Board of Directors from Khalifa Abdulla Al Romaithi, IPIC's Director of Downstream & Diversified Investment, who will remain as a board member of the company. "Al Romaithi assumed GEM's chairmanship during a very difficult cycle for the shipping industry, which was primarily due to stagnation and over supplied market. In the midst of these challenges, his sound management decisions and strategies have enabled GEM to thrive amidst an ever-evolving oil and tanker industry," said Ahmed Essa Hareb Al Falahi, CEO of GEM. As the new chairman, Al Falasi will oversee strategies required for GEM to strengthen its confidence and trust delivered through high quality services to customers as the company steps into its 12th year of continued growth. GEM's fleet has tripled from six vessels since inception in 2004 to its current fleet of 19, composed of two Aframaxes, eight modern Panamax tankers and nine MR tankers. Al Falasi's appointment is significant as GEM continues to stay ahead of the competition and fulfil all commitments to its customers by providing flawless services of the highest of standards in safety, quality and environmental protection. His 35-year experience in the energy industry aims to further elevate GEM's standing as one of the leading product tanker operators in the world. "I thank the CEO of GEM and Board of Directors for trusting me with this new responsibility. With the support of GEM's Board of Directors and management, we will continue to build on the strong results achieved to date. Our collective focus will be to lead the company's growth both locally and internationally," said Saif Humaid Al Falasi, CEO of ENOC Group. Al Falasi will spearhead both ENOC Group's and GEM's business strategies and operational excellence locally and internationally. His wealth of experience and in-depth industry knowledge spans a wide range of specialties, including project management and petroleum asset evaluation operations. "Looking forward, and drawing on Al Falasi's expertise, we will move closer in achieving our goal of expanding GEM into one of the top players in the market. In line with such an objective, we are seriously looking at the market for growth opportunities and are putting key strategies into place," Ahmed Essa Hareb Al Falahi, CEO of GEM added. Al Falasi joined ENOC in 2008 as Group General Manager. In 2011, he was appointed as Executive Director for Environment, Health, Safety and Quality (EHSQ) and Corporate Affairs Directorate overseeing the functions of key divisions within the Group including Group Legal and Group Communications in addition to EHSQ. He was appointed as ENOC Group CEO in March 2015.
