By Andrew Sambidge
New Family Entertainment and New Media vertical will manage projects worth $2.7bn during next five years
Dubai Holding, the global investment holding company, on Saturday announced board changes and leadership appointments in TECOM Group, a business park operator with a major role in developing Dubai's economy.
The appointments include promoting Dr Amina Al Rustamani to chairperson and Ayesha Sultan as group CEO of TECOM to lead the implementation of the group's new strategy.
Dubai Holding also announced the addition of a new business Family Entertainment and New Media vertical, which will manage projects worth AED10 billion ($2.7 billion) during the next five years.
The new vertical will oversee projects that include Global Village, Arab Media Group as well implement a strategic plan to develop new family destinations and build new international production business communities specialised in new media, a statement said.
Mohammad Abdulla Al Gergawi, chairman of Dubai Holding, said: "These new changes come in preparation for a new phase of development across the group's businesses.
"This will see Dubai Holding further its growth in existing sectors, add new sectors, and strengthen investments in a diversified range of knowledge-based sectors that will contribute to strengthening national economy and maintain strong income sources in the coming years."
Dubai Holding grew its net profit by 25 percent in 2015 reaching over AED5 billion, and Al Gergawi said its plan is to maintain high profit levels during the next five years.
Dubai Holding operates in 24 countries around the world, through three leading business verticals - TECOM Group, Jumeirah Group and Dubai Properties Group.
Mohamed Almulla has been appointed CEO of the new Family Entertainment and New Media unit and was previously CEO of Arab Media Group.