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Thu 7 Nov 2019 02:15 PM

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Sheikh Ahmed to temporarily oversee Dubai Holding in shake-up

Sheikh Ahmed bin Saeed Al Maktoum will replace Abdulla Al Habbai in 'fresh strategy to explore new expansion prospects'

Sheikh Ahmed to temporarily oversee Dubai Holding in shake-up

Sheikh Ahmed bin Saeed Al Maktoum.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai on Thursday appointed Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding, replacing Abdulla Al Habbai.

The move is part of a fresh strategy to explore new expansion prospects and identify further opportunities to maximise growth by leveraging their diverse assets and investment portfolios, a statement said.

The appointment seeks to further consolidate its strong brand profile and leading position both in the Arab world and globally, it added.

Sheikh Ahmed is also chairman and CEO of Emirates Group.

Established in 2004, Dubai Holding develops and manages an extensive portfolio of companies focused on investments, financial services, real estate, specialised business parks, telecommunications and hospitality. 

Dubai Holding has played an instrumental role in Dubai’s diversification programme across multiple industries, and is at the frontlines of Dubai’s strategy to build a sustainable, innovation-driven economy in line with the UAE Government’s Vision 2021.

Dubai Holding said it delivered a "robust operational performance" in the first half of 2019.

The company is set to play an important role in the staging of Expo 2020 Dubai through its hospitality and real estate offerings, which is set to further boost the group’s performance, the statement said.

The group's operations and investments span across 10 countries in the region and around the world. Subsidiary companies, including Jumeirah Group, TECOM Group, Dubai Properties, Dubai Asset Management, Arab Media Group, and Dubai Retail employ around 20,000 employees.