Good governance 'to drive Dubai World growth'
Dubai, March 30, 2011
Good corporate governance will drive the Dubai World group’s worldwide business following the successful restructuring of debts and internal reorganisation, said its chairman Sheikh Ahmed Bin Saeed Al Maktoum.
Sheikh Ahmed, who took over the new role in December, laid out the way forward for the global conglomerate at a key meeting with the top management and senior managers of the group held in Atlantis The Palm.
The chairman welcomed the encouraging performance in 2010 of the group’s flagship companies like DP World and Economic Zones World, whose majority shareholder is Dubai World.
"New ideas and innovation are needed to grow to greater heights," the chairman said while adressing the members of the Dubai World board and some 600 senior-level executives from all the group business units at the meeting.
Recalling the words of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Ahmed said: “What is past is past and it is time we charted the way forward to work freely and without hindrance. As an important growth engine of national economy, Dubai World has a pivotal role to play in securing Dubai’s position, achievements and reputation."
He lauded the exemplary speed and success with which Dubai World completed the restructuring of its $25 billion debt and signed the agreement with its partners last week.
"Dubai World has now moved into a new phase of growth. We look forward to a brighter future based on solid financials. Our work will be driven by the core principle of good corporate governance," said Sheikh Ahmed.
"The new board has brought together some of the finest business people to guide and support the group companies in achieving sustainable growth in line with Dubai’s economic development," he added.
He pointed out that the impact of the global economic downturn has not taken away from Dubai its merit as a regional hub for business and finance, nor its ability to create the necessary infrastructure to attract investors from the UAE and abroad.
“It is very important that the gains we are seeing as the pace of recovery grows are maintained. I encourage you to continue to focus on driving your business forward, making every effort to maximise value," he added.-TradeArabia News Service