We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 15 Feb 2012 02:51 PM

Font Size

- Aa +

Dubai Aerospace acting CEO to steps down

George Mushahwar is leaving to set up his own business venture

Dubai Aerospace acting CEO to steps down
Airbus A380
Dubai Aerospace acting CEO to steps down
The outside decal of the Boeing 787 Dreamliner is seen during a media tour on February 12, 2012 in Singapore. The 787 Dreamliner will be on show at the Singapore Airshow 2012. (Getty Images)

Dubai Aerospace Enterprise (DAE), which cancelled orders for Airbus SAS and Boeing planes last year said its acting CEO George Mushahwar left the company.

Dubai Aerospace’s core management team, led by the chief operating officer, remains intact and committed to enhancing shareholder value, the company said in an e-mailed statement today. Mushahwar left to start an independent business venture, according to Bloomberg.

DAE cancelled all its remaining Airbus orders worth $5.8bn, it said in July. DAE cancelled Airbus orders worth $4.7bn, as well as a slew of Boeing orders, in March 2011 and entered negotiations with both planemakers about the rest of its orders.

DAE was formed in 2006 in a collaboration between several Dubai names including sovereign wealth arm Investment Corporation of Dubai, developer Emaar and DIFC Investments. The company ordered more than 200 aircraft during an industry boom in 2007 but its ambitions came under the spotlight during the global financial crisis. It was reported last year to have ceded some of its orders to Dubai-based airline Emirates.

* With agencies

Arabian Business digital magazine: read the latest edition online

For all the latest transport 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.