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Fri 20 Jul 2012 05:32 PM

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Dubai's Istithmar World names new CEO

Dubai World's investment arm appoints former Nakheel senior exec Hamza Mustafa

Dubai's Istithmar World names new CEO
Istithmar World is to relaunch the iconic QE2 cruise liner as a 300-room luxury floating hotel.

Istithmar World, the investment arm of indebted state-owned conglomerate Dubai World, has appointed Hamza Mustafa, head of its real estate operations, as its new chief executive officer.

Mustafa joined the investment vehicle in 2009 and has previously held senior positions at real estate developer Nakheel International, Istithmar said in a statement.

"Mr Mustafa has made notable contributions to achieving the company's core objectives by leading several high profile restructurings and dispositions of key assets," Sultan Ahmed Bin Sulayem, Istithmar's chairman, said.

Istithmar was not included in Dubai World's $25bn debt restructuring deal, reached in 2011, which called for full repayment after five and eight years, partly through asset sales.

However, the investment vehicle's assets are likely to be among those sold to repay the parent firm's creditors.

Istithmar World's investment portfolio spans consumer, industrial and financial services, hotels and commercial property sectors.

Among its assets are the Atlantis resort in Dubai as well as stakes in US retailer Barneys New York, entertainment group Cirque du Soleil, and the Mandarin Oriental New York hotel, according to the company website.

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