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Fri 18 Sep 2009 05:33 PM

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Dubai World creates senior posts in restructuring

Gov't holding co creates two senior posts as part of efforts to streamline operations.

Dubai World, a Gulf Arab government holding company, said on Friday it had created two senior posts as part of efforts to streamline operations during the financial crisis.

A statement said Jamal Majid Bin Thaniah had been appointed as group chief executive officer and Maryam Sharaf as group chief operating officer at the holding company of the government of Dubai, an emirate of the United Arab Emirates.

It said Bin Thaniah, current executive vice chairman of Dubai Ports World and group CEO of Ports and Free Zone World, would help oversee restructuring measures and take charge of managing the holding company's business.

Maryam Sharaf, the group's chief financial officer, will be responsible for the group's overall investment and operational management, it said.

"Both the posts are newly created as part of initiatives to streamline the Group's overall business operations in view of the global financial crisis, and to usher in a new economic era," the statement said.

Dubai has been hit badly by the financial crisis, with many government and private sector firms facing financial straits. Dubai World has $59 billion of liabilities, a large proportion of the emirate's total debt.

Dubai World in June hired AlixPartners, turnaround experts advising on General Motors' bankruptcy, to help restructure the group.

Earlier this week the government conglomerate shook up management ranks at its Istithmar World unit on Wednesday, shifting over executives from developer Nakheel and it also moved some hotel and property assets to Istithmar.

There had been speculation that Istithmar, the investment arm of the Dubai government and owner of U.S. luxury retailer Barneys New York, may be facing difficulties.

Istithmar hired an advisory firm in August to help it mull options to shore up Barneys' financial position and said last week its two co-chief investment officers would be leaving the firm. (Reuters)

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