By Andy Sambidge
Dubai major announces changes to senior management team as it targets IPO in 2013
Dubai conglomerate Al Habtoor Group announced on Wednesday a shake-up of its senior management team ahead of its proposed initial public offering (IPO).
Chairman Khalaf Al Habtoor said Mohammed Fadhel Al Mazrooei has been promoted to managing director and will report to the vice chairman and CEO.
Al Mazrooei will start his new role on October 1 and takes over from Maan Halabi, who has been appointed executive director of the Group in charge of all business units, Al Habtoor said in a statement.
The statement added that KP Rajan is taking over as Group financial advisor from chief operating officer to focus on financial strategy.
Sanjeev Agarwal will be in charge of the finance department in addition to his current responsibilities as director strategy & business development.
Al Habtoor said senior executives are undergoing rigorous leadership training programs within the UAE and abroad to develop their strengths and better prepare the Group for the future.
Al Habtoor said: “We are a 21st century company with a strong mission and a bright future.
"I want my management team to understand their talents and help the organisation succeed with the right tools. The changes to the team are to enable the Group to reach our goals.”
The Al Habtoor Group is a UAE-based conglomerate with interests in the construction, hotel, automotive, real estate, education, insurance and publishing sectors.
Earlier this month, Al Habtoor Group said it plans to raise up to $1.6bn in an IPO on the NASDAQ Dubai in March 2013.
The firm will use the funds to acquire five-star hotels in London and Paris, invest in agricultural land in Central and Eastern Europe and in private hospitals at home and abroad.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Heartening to note that there is a corporate entity that is keen on investing in agricultural land.
Not many realize that investing in agricultural land is not only a noble vision that will help not only create business opportunities for all related businesses (fertilizer, farm machinery) and create jobs for local people in those countries, but also provide food on the table for many both in the home country and abroad.
I doubt that the investment is out of the will to be noble. I would say it has more to do with growing global population and the increase in food prices, thus making it a viable investment...