Ziad Makkawi, a former Shuaa Capital exec, appointed chief executive of Istithmar World
Dubai World, the state-owned conglomerate that completed a $25 billion debt
restructuring in 2011, named on Monday Ziad Makkawi as the new chief executive
for its investment arm, Istithmar World.
Makkawi replaces Andy Watson, who has been chief executive of Istithmar since
2010, Dubai World said in a statement. Watson will remain in his role as the
group managing director of Dubai World, the company added.
A veteran banking and investment professional in the region, Makkawi had set
up asset management firm Algebra Capital in Dubai which he sold to Franklin
Templeton in 2010.
He has previously worked with Dubai-based Shuaa Capital and JP Morgan Chase
Inc, the statement said.
Dubai rocked global markets in November 2009 when it asked to restructure $25
billion of debts built up by the conglomerate during a boom period in the
mid-2000s, where they invested in assets ranging from hospitality to
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, entertainment group Cirque du Soleil, and the
Mandarin Oriental hotel in New York .