Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum has appointed Abdulla al-Habbai as chairman of Dubai Holding, one of the main investment holding firms in the emirate, the Dubai Media Office has said on its Twitter feed.
Al-Habbai is also the chairman of Meraas Holding and will retain his position at the government-controlled real estate developer, according to an order issued by Sheikh Mohammed, who is also the UAEs vice-president and prime minister.
The announcement follows the resignation in February of Mohammed Abdullah al-Gergawi, the founding chairman of Dubai Holding, who relinquished his position at the firm 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.