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Emirates airline chief replaces Dubai World head
By Adam Schreck |
December 14, 2010, Tuesday
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Print Edition
Print Edition
Dubai's ruler has replaced the longtime head of Dubai World with the chief of Emirates airline, turning to one of his closest confidants to lead the turnaround of the debt-laden conglomerate.
Sheik Ahmed bin Saeed Al Maktoum was named chairman of the sprawling company, whose holdings include seaports, hotels and high-end retailer Barneys New York, in a decree carried on Sunday by state news agency WAM. He is an uncle and top aide of Dubai's hereditary ruler.
Sheik Ahmed replaces as Chairman Sultan Ahmed bin Sulayem, who spearheaded Dubai World's supercharged growth but also oversaw the accumulation of what turned out to be unmanageable levels of debt.
During his tenure, bin Sulayem grew Dubai World's port business into the world's fourth biggest. He oversaw the construction of islands shaped like palm trees and a map of the world in Dubai, as well as overseas investments that included United States hotels.
The order reshuffled the rest of the conglomerate's board too, giving seats to other top lieutenants of Dubai's ruler, Sheik Mohammed bin Rashid Al Maktoum, who have been charged with cleaning up Dubai's fiscal problems.
Among them are Mohammed al-Shaibani, director of the Ruler's Court, the seat of executive power in the emirate, and Ahmed Humaid al-Tayer, who heads the Dubai International Financial Center banking hub.
Sheik Ahmed is best known as the chairman and CEO of Emirates, the city-state's rapidly expanding international airline, which recently pulled in US$925 million in first-half profits.
The carrier said his role there will remain unchanged.
Sheik Ahmed is also president of Dubai's civil aviation department, and he chairs a government committee to oversee Dubai World in the wake of the emirate's financial crisis.
Dubai World is at the center of the emirate's financial troubles, which erupted late last year when the conglomerate called for new terms on billions of dollars of debt it owed. The surprise announcement and the uncertainty that followed rattled global markets.
It has moved to get its finances in order. It won full support from creditors for a US$24.9 billion debt restructuring in October.
Sheik Ahmed bin Saeed Al Maktoum was named chairman of the sprawling company, whose holdings include seaports, hotels and high-end retailer Barneys New York, in a decree carried on Sunday by state news agency WAM. He is an uncle and top aide of Dubai's hereditary ruler.
Sheik Ahmed replaces as Chairman Sultan Ahmed bin Sulayem, who spearheaded Dubai World's supercharged growth but also oversaw the accumulation of what turned out to be unmanageable levels of debt.
During his tenure, bin Sulayem grew Dubai World's port business into the world's fourth biggest. He oversaw the construction of islands shaped like palm trees and a map of the world in Dubai, as well as overseas investments that included United States hotels.
The order reshuffled the rest of the conglomerate's board too, giving seats to other top lieutenants of Dubai's ruler, Sheik Mohammed bin Rashid Al Maktoum, who have been charged with cleaning up Dubai's fiscal problems.
Among them are Mohammed al-Shaibani, director of the Ruler's Court, the seat of executive power in the emirate, and Ahmed Humaid al-Tayer, who heads the Dubai International Financial Center banking hub.
Sheik Ahmed is best known as the chairman and CEO of Emirates, the city-state's rapidly expanding international airline, which recently pulled in US$925 million in first-half profits.
The carrier said his role there will remain unchanged.
Sheik Ahmed is also president of Dubai's civil aviation department, and he chairs a government committee to oversee Dubai World in the wake of the emirate's financial crisis.
Dubai World is at the center of the emirate's financial troubles, which erupted late last year when the conglomerate called for new terms on billions of dollars of debt it owed. The surprise announcement and the uncertainty that followed rattled global markets.
It has moved to get its finances in order. It won full support from creditors for a US$24.9 billion debt restructuring in October.
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