Dubai World restructured

Shaikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates Group, has been named Chairman of Dubai World, the flagship conglomerate of the emirate.His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Sunday issued a decree restructuring the Board of Directors of Dubai World under the Chairmanship of Shaikh Ahmed, who is also the head of Dubai Supreme Fiscal Committee.Members of the new board include Mohammad Ibrahim Al Shaibani, Director-General of the Dubai Ruler’s Court; Ahmad Humaid Al Tayer, Governor of Dubai International Financial Centre; Abdul Rahman Saleh Al Saleh, Director-General of the Finance Department; Hamad Mubarak Bu Amim, Director-General of the Dubai Chamber of Commerce and Industry; Sa’adi Abdul Rahim Hassan Al Rais and Sun Yong Chang.

The board’s responsibilities include the study of the Dubai World’s investment projects in commercial, industrial, agricultural, financial, real estate and various service projects, as well as any other projects the board decides to invest in them,” said an official statement carried by Wam.Less than two weeks ago, Shaikh Ahmed, speaking to reporters at an ‘Economic Update Forum’, said Dubai World was on a sound financial footing since the group’s restructuring was finalised in record time. He added that the government would “continue improving the level of transparency and disclosure through dialogue, and would diversify its sources of funding”.In November, Dubai World won creditor support from all its creditors for a $25 billion restructuring plan, which is seen by analysts as a major breakthrough for the state-owned group’s in its recovery process.The new board of Dubai World will also study the reports submitted to it on the activities of the Dubai World and its subsidiaries, and their financial positions and will take appropriate action, the official statement said.

“The jurisdiction of the board also includes the approval of plans restructuring the company and its subsidiaries and to decide the draft annual budget and final accounts, in addition to the ratification of financing operations and borrowing from financial institutions against financial guarantees to them,” it said. “The board will also approve the sale, purchase and leasing of real estates, stocks, bonds, other securities and other property belonging to the institution or its affiliates. The board will also propose the formation of corporate boards of the subsidiary firms, and the appointment of auditors for the Dubai World and its subsidiaries,” said the statement.The decree stipulated that the board shall hold its meetings at the invitation of the chairman once at least every two months and whenever the need arises. The board will submit its decisions to the Higher Committee to oversee the Dubai World – Kahleejnews