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It’s a family affair, for now
Sheikh Mohammed has reshuffled a number of high profile individuals, and replaced them with members of his family and his inner circle.
The shakeup has begun. On Friday, the Sheikh Mohammed bin Rashid al-Maktoum, Ruler of Dubai and Prime Minister of the UAE, fired Omar bin Sulaiman from his position as governor of the Dubai International Financial Centre (DIFC) and replaced him with Ahmed Humaid al-Tayer.
On Thursday, Sheikh Mohammed removed Mohammed al-Gergawi, Sultan Ahmed bin Sulayem and Mohammed Ali Alabbar from the board of the emirate’s main holding company, the Investment Corporation of Dubai (ICD). The board will be chaired by the Sheikh Mohammed, with his son, Sheikh Hamdan bin Mohammad bin Rashid al-Maktoum, Dubai Crown Prince, as deputy chairman.
The board will also include Sheikh Maktoum bin Mohammad bin Rashid al-Maktoum, Dubai Deputy Ruler, Sheikh Ahmad bin Saeed al-Maktoum, Mohammad Ebrahim al-Shaibani, director-general of the Ruler’s Court and CEO of ICD and Ahmad Humaid al-Tayer.
Saud Masud, head of research for the MENA region at UBS in Dubai, told Kipp that investors are unlikely to be surprised by the reshuffle, but may question why Dubai’s ruler chose to remove a number of Dubai’s most high profile men: “The men that have been replaced [at ICD] seem to be the ones that had a key part in the bull-trend that Dubai has seen. So perhaps the next phase of Dubai’s evolution needs to be addressed more hands-on by the ruler.”
The men Sheikh Mohammed replaced are some of Dubai’s most powerful: Mohammed al-Gergawi is chairman of Dubai Holding; Mohammed Ali Alabbar is chairman of Dubai-based developer Emaar Properties; and Sultan Ahmed bin Sulayem is chairman of state-owned Dubai World.
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HH Mohammed bin Rashid knows better than anyone what is best for Dubai. It is a well known fact of life that some individuals become corrupt when they last in a high ranking post.
However Dubai counts innumerable honest, expert and truly devoted individuals who could drive the Emirate in the right direction.
All that HH may do is simply look around. I have no doubt he will find many trustworthy (and competent) individuals both among the National and expatriate workforce who have probably dedicated and invested their best years into the growth and success of Dubai.
Dubai was not made by the handful who are from time to time stripped of their posts, but by the thousands who every day. start their day hoping that they shall constructively contribute to their community and families.
HH knows that and given time he will finf the dependable individuals Dubai needs to continue moving forward.
Also HH may find relief by listening to those who have observed corrupt behavior but could not stop it or report it.
Sincrely devoted to Dubai.
Its right thing that HH has taken a stick and started runnig after them.