Government restructures Dubai World board
Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum appointed Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates Airlines and President of Dubai Civil Aviation, as the Chairman of Dubai World, replacing Ahmed bin Sulayem (Bloomberg/Khaleej Times/Reuters/WAM, 13-Dec-2010). Mohammed Ibrahim al-Shaibani, Director General of the Ruler’s Court, Ahmad Humaid Al Tayer, Governor of Dubai International Financial Centre, Abdulrahman Al Saleh, Director General of the Department of Finance, and Hamad Buamim, Director General of the Dubai Chamber of Commerce & Industry, were among those named to the new board. The new board of the indebted Dubai World “will have jurisdictions that include studying the feasibility of investments by the institution in commercial, industrial, agricultural, real estate, service and financial projects”. Dubai World’s more than 70 creditor banks agreed in Oct-2010 to new debt terms that include repayments of USD4.4 billion over five years and a further USD10 billion in eight years.