Sheikh Ahmed takes over Dubai World
Sheikh Ahmed bin Saeed Al Maktoum has been named chairman of Dubai World in a decree issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The board of directors has also been reconstituted under the following new members: Mohammad Ibrahim Al Shaibani, director general of the Dubai Ruler's Court; Ahmad Humaid Al Tayer, governor of Dubai International Financial Centre; Abdul Rahman Saleh Al Saleh, director general of the Finance Department; Hamad Mubarak Bu Amim, director general of the Dubai Chamber of Commerce and Industry; Sa'adi Abdul Rahim Hassan Al Rais and Sun Yong Chang.
The board's responsibilities include a review of the company's investment portfolio, the continued restructuring of its operations, budgeting and relations with banks.
The board will also approve the sale, purchase and leasing of real estate, stocks, bonds, other securities and other property belonging to the institution or its affiliates.
The shakeup of the company's board follows the restructuring of its debts and borrowing arrangements.
Sheikh Ahmed's growing portfolio of responsibilities includes the chairmanship of Emirates, the presidency of Dubai Civil Aviation and the chairmanship of the Higher Committee that oversaw Dubai World's negotiations with its lenders.