Investment Corporation of Dubai MD leaves post

Dubai, April 28, 2010

The managing director of the Investment Corporation of Dubai (ICD), the investment arm of the emirate, has left the post, a government spokeswoman said.

Abdulaziz Al-Muhairi will take up a new role within the investment body, the spokeswoman added.   

Al-Muhairi joined ICD after stepping down from his position as chief executive of Dubai Bank in May 2008.    

He remains a member of the five-man Supreme Fiscal Committee which reviews debt and spending policies and oversees the Dubai Financial Support Fund (DFSF).

"His role at DFSF has not changed," the spokeswoman said, speaking on condition of customary anonymity. "Within ICD, he's been asked to take on new responsibilities that will be announced in due course."    

The DFSF helps oversee the distribution of aid to state-linked firms and was set up in the wake of the financial crisis to lead bailout efforts.

It led efforts to restructure debt-laden Dubai World's debt and unveiled a $9.5 billion rescue plan for the  conglomerate last month.

Dubai World is in talks with a core panel of lenders to restructure $26 billion in debt. - Reuters

Tags: investment | Investment Corporation of Dubai |