The chief executive and vice chairman of Dubai Holding have left the company, a spokesperson of the main investment vehicle controlled by the ruler of Dubai has confirmed.

Ahmad bin Byat, the vice-chairman and managing director, and Fadel al-Ali, the chief executive have “decided to step down from their current positions at Dubai Holding,” the spokesperson said in a statement to MEED.

“Both of them have played an exceptional role in building the business and have been instrumental in making Dubai Holding the globally recognised investment conglomerate and national champion that it is today,” according to the statement which added that Abdulla al-Habbai, chairman of the company will oversee the business. It did not provide further details.

The latest departures are part of a string of high-profile staff changes at the investment vehicle. It is not known who will replace the two veteran investment professionals. Al-Ali is also the chairman of Dubai Properties, Dubai International Capital and Dubai Group, according to the Dubai Holding website.

Al-Habbai was appointed to oversee the $35bn portfolio of assets in more than 20 countries in March by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, after its founding chairman Mohammed Abdullah al-Gergawi, relinquished his position in February to concentrate on his federal government duties.

Dubai Holding, the investment conglomerate that invests on behalf of the emirate at home and abroad, operates through its main arm Dubai Holding Commercial Operations Group (DHCOG). It controls businesses in Dubai, including free zones operator Tecom, hospitality giant Jumeirah and Dubai Properties Group (DPG).

DHCOG in February said it recorded a net profit increase of 8 per cent year-on-year while its revenues climbed 16 per cent for the period.

Net income reached AED6.32bn ($1.72bn) from AED5.83bn reported at the end of 2015, as all of the business segments contributed to bottom-line expansion, the company in a statement at the time, adding that the total revenues rose to AED16.84bn at the end of last year against AED14.53bn from a year earlier.

As chairman of Meraas Holding, Al-Habbai has overseen the development of some of the biggest commercial and leisure property projects in the emirate, including Bluewaters, City Walk, The Beach, Box Park, Last Exit and The Outlet Village in Dubai.

The firm also in invests and develops schemes in sectors including food, retail, hospitality, healthcare and education, according to its website.