Mohamed and Obaid Al Mulla, a family owned group trading in Dubai for 75 years, have announced a major restructuring at the first meeting of the new board that took place recently. The company has also announced a new direction, focusing on three key business pillars to include Healthcare & Pharma, Travel & Hospitality and Real Estate. The new group structure was devised with the assistance of KPMG.
The new board and management team was announced at the meeting, including a new board chairman, Mr. Buti Obaid Al Mulla, Mrs. Hanaa Obaid Al Mulla, Mr. Yousuf Mohamed Saeed Al Mulla and Mr. Mana Mohamed Saeed Al Mulla were appointed as board directors. Following the meeting a new General Manager and acting group CEO, Mr. Sherif Beshara was announced who will be taking over current operations in Healthcare & Pharma, Travel & Hospitality, and Real Estate with CEOs for each sector reporting to him.
The key business pillars the group will focus on include the major subsidiaries the group has in each sector which include Unimed; Monrol, and the American Hospital Dubai and its affiliated clinics under Pharmaceuticals and Healthcare: The Ramada Jumeirah Hotel; Crown Plaza Deira, Ishraq Dubai and the new Dubai South offering, Starbridge Suites and The Holiday Inn under Hospitality and Tourism. In the Real Estate sector, the group will continue to manage major residential and commercial buildings as well as the historic Dubai Al Mulla Plaza, the very first shopping mall in Dubai which was launched in the early 1970s.
Speaking at the meeting Mr. Buti Obaid Al Mulla said: “We are excited about the new direction the group is taking. Having been licensed to do business in the Emirate of Dubai since 1943, the company is intrinsic to the growth and success of the UAE. We are now looking to expand our operations further overseas with new projects in hospitality and healthcare. The intention is to grow further with the right acquisitions.”
Buti Obaid Al Mulla added that the vision of the new board is fully aligned with the UAE Vision 2021 launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make the UAE among the best countries in the world.
“There is also a vision to bring 20 million visitors to Dubai by 2020 and we intend to support that vision with the 2145 keys we hold in Dubai. We support the leadership by offering diversity and top quality in hospitality and tourism across a range of choices for visitors and guests to include self-catering, 5-star, 4-star and budget hotel rooms. We have two new hotels opening soon in Dubai South to add to our portfolio and with a new e-commerce drive within our travel & tourism division, we expect to see rapid growth in this sector. With the expansion plans underway, the overall forecast for the organization under this new structure is positive,” he added.
Mr. Sherif Beshara said: “These are exciting times in the UAE for business with investment in healthcare, tourism and real estate continuing to grow. At Mohamed and Obaid Al Mulla, we want to be part of this growth. Dubai is being positioned as a globally recognised destination for elective health and wellness treatments and we support Dubai’s leadership in areas such as medical tourism and attracting visitors to the emirate. Our vision is to deliver excellence in healthcare in Dubai in order to promote medical tourism. With an established and prestigious footprint in medical care and pharmaceuticals in Dubai already, the company is well placed to expand on this success by utilizing our expertise in this area.”
The appointment of the new board and the group’s General Manager and acting Chief Executive Officer follows a shareholders meeting when it was decided to consolidate the company’s investments into key sectors and develop a new management structure reporting to the new board of directors. Four members of the board are second generation family members of the company founders. The company was founded by H.E. Mohamed Saeed Al Mulla, the former Minister of Transportation and Telecommunication, and the late Mr. Obaid Buti Al Mulla in 1943.