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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

Tags: abu dhabi | GHC | revamp |

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