By Staff writer
George Mushahwar is leaving to set up his own business venture
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