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Discuss this article (4 Comments)New Dubai finance chief named
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 19 May 2009
JOB SWITCH: Sheikh Mohammed has replaced the head of the finance department Nasser Al Sheikh with Abdul Rahman Al Saleh from the customs authority. (Getty Images)
Dubai's ruler has appointed Abdul Rahman Al Saleh as the head of Dubai's finance department, replacing Nasser Al Sheikh, the official WAM news agency reported on Monday.
The new head of Dubai's department of finance will be charged with ensuring funds from the government's $20bn bond programme, launched in February, are disbursed to government-related entities (GREs) to help revive the emirate's economy.
Former director general of the department, Nasser Al Sheikh, has been instrumental in setting up the bond scheme and steering the emirate through the last six months of economic slowdown.
He has now been appointed as an assistant to the director of the ruler's court for foreign affairs, WAM said, without giving details.
Al Sheikh could not immediately be reached for comment.
However, he took part in a panel discussion at last week's World Economic Forum (WEF) in Jordan, where he claimed the Dubai governemnt was not in a "state of denial" over the impact of the global crisis.
Yet, he admitted that the slowdown, which had now "stabilised", had been the first real challenge the UAE government had ever been up against.
Al Saleh, is a veteran government official, who has spent 20 years in various UAE federal government and Dubai government departments in different capacities.
His last position was executive director of Dubai Customs, where he was in charge of implementating value added tax (VAT), which has ben temporarily shelved.
"It's a challenge for me. But I like challenges," Al Saleh told UAE daily Gulf News.
The $10bn bond was bought up by the UAE Central Bank and more than 50 percent has already been distributed to GREs.
Benefactors inlclude state-owned property developers such as Nakheel that have suffered liquidity problems as result of the real estate slowdown.
The second $10bn tranche is due to be released later this year, Al Sheikh told WEF last week.
READERS' COMMENTS
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Mr. Shaikh on CNBC
Posted by Skeptical, Dubai on Tuesday 19 May 2009 at 18:58 UAE time
I think I know the reason (or one of the reasons) Mr. Shaikh was demoted. On the English version of CNBC this morning during the European Squawk Box they played an interview with Mr. Shaikh that was taped yesterday. He did a good job of not giving into the interviewers questions about Dubai and all the bad press but he did admit that Dubai should have done a better job with their communication regarding steps the government was taking to combat the financial crisis. This "admission" that a mistake was made (poor communication) may not have been appreciated by leaders in Dubai or Abu Dhabi.
Posted by Skeptical, Dubai on Tuesday 19 May 2009 at 18:58 UAE time
I think I know the reason (or one of the reasons) Mr. Shaikh was demoted. On the English version of CNBC this morning during the European Squawk Box they played an interview with Mr. Shaikh that was taped yesterday. He did a good job of not giving into the interviewers questions about Dubai and all the bad press but he did admit that Dubai should have done a better job with their communication regarding steps the government was taking to combat the financial crisis. This "admission" that a mistake was made (poor communication) may not have been appreciated by leaders in Dubai or Abu Dhabi.
Reason for removal?
Posted by MM, Dubai, United Arab Emirates on Tuesday 19 May 2009 at 14:26 UAE time
It would be great if the reason is also stated for his removal. Nasser Al Shaikh seemed good at his position and especially his trail towards more transparency. But now that man is gone and is replaced by someone who was foreseeing VAT. This is a scary news for business in Dubai.
Posted by MM, Dubai, United Arab Emirates on Tuesday 19 May 2009 at 14:26 UAE time
It would be great if the reason is also stated for his removal. Nasser Al Shaikh seemed good at his position and especially his trail towards more transparency. But now that man is gone and is replaced by someone who was foreseeing VAT. This is a scary news for business in Dubai.
The Good Ones Don't Last for Long
Posted by A.S., Dubai on Tuesday 19 May 2009 at 08:33 UAE time
It's sad to see Nasser go. I think he did an excellent job considering the cirumstances Dubai is facing. I'm pretty sure it was something he said at the WEF in Jordan.
Posted by A.S., Dubai on Tuesday 19 May 2009 at 08:33 UAE time
It's sad to see Nasser go. I think he did an excellent job considering the cirumstances Dubai is facing. I'm pretty sure it was something he said at the WEF in Jordan.
Interesting Timing
Posted by Joe, Dubai on Tuesday 19 May 2009 at 06:40 UAE time
So yesterday there was an article in which Mr. Shaikh is quoted stating there may be further changes to the residency visa law, although the decision is a Federal issue and not a decision for the Dubai government. Now, the following day, Mr. Shaikh is removed as the finance chief and given a new job which anyone would define as a "demotion".
Posted by Joe, Dubai on Tuesday 19 May 2009 at 06:40 UAE time
So yesterday there was an article in which Mr. Shaikh is quoted stating there may be further changes to the residency visa law, although the decision is a Federal issue and not a decision for the Dubai government. Now, the following day, Mr. Shaikh is removed as the finance chief and given a new job which anyone would define as a "demotion".
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