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Dubai ruler revamps state investment unit

Dubai, November 21, 2009

Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum has reshuffled the board of the Investment Corporation of Dubai (ICD), the state conglomerate that owns Emirates airlines, naming two of his sons as directors, a decree posted on his website showed.

The new six-member board also included Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum, Dubai International Financial Centre governor Ahmed Humaid al-Tayer and ICD chief executive Mohammed al-Shaibany, also chairman of Dubai Islamic Bank.

Sheikh Mohammed bin Rashid Al-Maktoum, who chairs ICD's board, did not give a reason for the reshuffle in a decree issued on Thursday.

The measure removed Mohamed Alabbar and Mohammed al-Gergawi from the board.

Gergawi is a cabinet minister and chairman of another state investment firm, Dubai Holding, which is an investor in Sony and EADS.

Alabbar is chairman of developer Emaar Properties and director-general of the Dubai Department of Economic Development.

A decree published on Friday, in which Sheikh Mohammed removed Omar Bin Sulaiman from the helm of DIFC and assigned the role to Tayer, said the move was part of efforts to 'improve performance in Dubai government and semi-governmental departments'.-Reuters




Tags: Dubai | sheikh mohammed | board | reshuffle | ICD |

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