New chairman appointed for Dubai World

13 December 2010

Sheikh Ahmed bin Saeed Al-Maktoum named new Dubai World chairman

Sheikh Ahmed bin Saeed al-Maktoum, the chairman of Emirates Group and the Dubai Supreme Fiscal Committee, has been appointed as the new chairman of Dubai World, a state-owned conglomerate that recently secured approval for its $24.9bn debt restructuring.  

The appointment was made by Sheikh Mohammed bin Rashid al-Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, in a statement published by the Dubai government’s media office on 12 December.

Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who remains chairman of DP World.

The new board includes Mohammed al-Shaibani, the director-general of the Dubai ruler’s court and chief executive officer of Investment Corporation of Dubai, Ahmed bin Humaid al-Tayer, governor of the Dubai International Financial Centre (DIFC), Abdulrahman al-Salah, director-general of the Department of Finance, and Hamad Buamim, the director general of the Dubai Chamber of Commerce and Industry.

Dubai World, one of the emirate’s three main state-owned holding companies, sent shockwaves through global markets in November 2009 by requesting a six-month standstill on its $24.9bn debt.

In October 2010, Dubai World secured full approval from its more than 90 creditor banks to new debt terms that include repayments of $4.4bn over five years and another $10bn in eight years.

Dubai World’s new board “will have jurisdictions that include studying the feasibility of investments by the institution in commercial, industrial, agricultural, real estate, service and financial projects”, according to the statement.

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