Dubai Holding on Saturday said Ahmad Bin Byat had been appointed as its new CEO, adding he would play a key role in the company’s recently announced consolidation.
Mohammad AlGergawi, chairman of Dubai Holding, announced the appointment of Byat, who was previously chairman of TECOM Investments, also a member of Dubai Holding.
AlGergawi said: “Bin Byat has accomplished many achievements since the launch of the group. I am confident he will have a significant impact on the future growth of Dubai Holding, especially during this important period.”
Bin Byat will work closely with Dubai Holding’s executive committee towards the conclusion of the consolidation process of the back office operations for the real estate and investment companies.
Dubai Holding is merging the back offices of its international investment arm, Dubai International Capital, and financial holding company, Dubai Group, under its Dubai Holding Investment Group.
It will also merge the back office operations of three of its real estate entities, Dubai Properties Group, Sama Dubai and Mizin, a member of Tatweer.
Job losses will be made although company chiefs said they would not be significant.
Bin Byat will also put together the strategy and implementation mechanism aimed at increasing the group’s efficiency so it can target growth once market conditions improve.
Bin Byat occupies several high-ranking positions including, chairman of the Emirates Integrated Telecommunications Company (EITC); chairman of the Dubai Real Estate Corporation and chairman of the Aswaaq Founding Committee.
Established in 2004, government owned Dubai Holding has a total of seven member companies, each of which has numerous subsidiaries, brands and projects.
The seven companies are: Jumeirah Group, TECOM Investments, Dubai Group, Dubai Properties Group, Tatweer, Sama Dubai and Dubai International Capital.
The group has active investments in 13 industries: hospitality, technology, communication, education, finance, real estate, healthcare, leisure & entertainment, industrial manufacturing, biotechnology, energy, telecommunication and aerospace.
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