The chairman of Eshraq Investments, Jassim AlSeddiqi, has stepped down from his role after seven years.

AlSeddiqi, who has been chairman of the Abu Dhabi-listed investor since 2016, said he was stepping down for professional reasons, to pursue other endeavours, and to provide an opportunity for new members of the board of directors to steer the company.

The company will elect new board members, including a new chairman, at its general assembly later this month at a planned restructure of the board following the resignation of three members in one week. 

It is the second exit for AlSeddiqi following his resignation and sale of shares from Dubai-listed Shuaa Capital.

(Writing by Imogen Lillywhite; editing by Seban Scaria)