International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
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.
November 22, 2009 2:10 by Dana El Baltaji
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.
Pages: 1 2