EMIRATES HEAD BECOMES CHAIR OF DUBAI WORLD

Dino D'Amore
By Dino D'Amore December 13, 2010 11:51

EMIRATES HEAD BECOMES CHAIR OF DUBAI WORLD

Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline, has been named chairman of Dubai World.  Sheikh Ahmed replaces Sultan Ahmed bin Sulayem.

Dubai World is heavily in debt after it ran $40 billion into the red through extensive expansion and acquisitions. DP World is the world’s fourth-biggest port operator and bought stakes in US casino group MGM Mirage. The group was forced to seek a delay in repayments on $24.9 billion of loans as the global financial crisis hurt Dubai’s property and trading businesses.

Dubai World’s new board “will have jurisdictions that include studying the feasibility of investments by the institution in commercial, industrial, agricultural, real estate, service and financial projects,” the firm said in an official statement.

Dino D'Amore
By Dino D'Amore December 13, 2010 11:51
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