Dubai World conglomerate restructured

Sheikh Ahmed bin Saeed Al Maktoum, the chairman of the Emirates Group and the Dubai Supreme Fiscal Committee, has been named the Chairman of Dubai World, the flagship conglomerate of the emirate, replacing Sultan Ahmed bin Sulayem.

The appointment was made by Sheikh Mohammed bin Rashid, the Vice-President of the UAE and Ruler of Dubai, in a statement from Dubai Media Office.

The announcement comes a month after Dubai World won creditor support for a $25 billion restructuring plan, which is seen by analysts as a major breakthrough for the state-owned group.

The board's responsibilities include a study of Dubai World's investment projects in commercial, industrial, agricultural, financial, real estate and various service sectors, as well as any other projects the board decides to invest in, said an official statement carried by Wam.

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.