Salama names Humaid Alqutam as chairman, rebuilds its board committees after last year’s capital restructuring

Islamic Arab Ins. Company (Salama) tapped a new chairman. The Dubai-listed composite insurer elected Humaid Mohammad Obaid Alqutam to the role at a 2 July board meeting, alongside Fareed Lutfi Al Harmouzi (LinkedIn) as vice chairman, according to a statement. Alqutami succeeds Essa Alzaabi, who chaired the board through Salama’s capital restructuring and stepped down after that process wrapped.

Meet the new board: Alqutami formerly served as health and education minister, later chairing the Federal Authority for Government Human Resources and leading the Dubai Health Authority. He also chaired Commercial Bank of Dubai and sat on the Executive Council of the Government of Dubai. Meanwhile, Al Harmouzi is the ins.-industry counterweight. Over a three-decade career, he served as CEO of Alliance Ins., president of Dubai Ins. Group, and managing director of Dubai Financial Group’s ins. business. Currently, he serves as secretary general of both the Emirates Ins. Federation and the Gulf Ins. Federation.

The move comes alongside the restructuring of its Audit, Risk, Nomination and Remuneration, and Investment committees, signaling a broader governance refresh. Its capital restructuring last year — which lifted paid-up capital to AED 820 mn — aimed to focus on rebuilding underwriting capacity, reactivating distribution channels, and pursuing growth across life and wealth, health, and property and casualty lines.