Abu Dhabi revamps industrial investment unit
Abu Dhabi, July 13, 2010
Abu Dhabi has reshuffled the board of its industrial investment arm General Holding Corporation (GHC), naming Hussain al-Nowais as chairman, the state news agency WAM said.
Nowais, who was GHC's vice chairman earlier, told Reuters in May that the conglomerate would invest $10 billion in the next few years as it drives the industrial diversification of the oil-exporting emirate.
GHC's earlier chairman, Sheikh Hamed bin Zayed al-Nahayan, was named managing director of Abu Dhabi Investment Authority (ADIA) in April.
The other board members are Mohammed Rashid al-Hamli, director-general of the Abu Dhabi Chamber of Commerce & Industry, Abobaker Seddiq al-Khouri, managing director of Sorouh Real Estate, Fahd Saidi al-Raqbani of the Abu Dhabi Economic Council and Saif Mohammed al-Hajeri, CEO of the Offsets Programme Bureau.
The new members were appointed for five years by Sheikh Mohammed bin Zayed al-Nahayan, crown prince of Abu Dhabi, WAM reported.-Reuters