algergawi quits dubai holding to focus on govt role
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Al-Gergawi quits Dubai Holding to focus on govt role

Arab Today, arab today

Arab Today, arab today Al-Gergawi quits Dubai Holding to focus on govt role

Mohammed Abdullah Al-Gergawi
Dubai - Arab Today

The chairman of Dubai Holding, a major force in developing the Dubai economy, has resigned to focus on his role in the national government, the conglomerate said on Saturday.
As head of Dubai Holding since its founding in 2004, Mohammed Abdullah Al-Gergawi came to oversee a $35 billion portfolio of assets in over 20 countries, in industries ranging from tourism and real estate to media, information technology and trade.
Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the United Arab Emirates (UAE) and ruler of Dubai, praised Al-Gergawi’s performance.
The UAE’s official news agency, WAM, quoted him as saying: “We thank Mohammed Al Gergawi for his excellence in the different responsibilities he was overlooking, his performance in Dubai Holding was exceptional and we appreciate his service to his countries in the different fields.”
Al-Gergawi said in a statement it was time for another talented person, whom he did not identify, to take over Dubai Holding, and that he would now work full-time for the UAE government. He is minister of Cabinet affairs and in charge of strategy development in the national government.
Now in his early 50s, Al-Gergawi was one of a small group of executives chosen by Sheikh Mohammed more than a decade ago to develop the economy.
Put in charge of Dubai’s strategic state-linked companies, they favored construction projects which burnished its reputation as an international business and travel hub: The world’s tallest skyscraper, the Middle East’s largest port and an archipelago of man-made islands in the shape of a palm.
Dubai Holding came under heavy pressure in 2009 when the global financial crisis and a local real estate market crash nearly caused the emirate to default on its debt.
But most of the business districts, which Al-Gergawi established in Dubai, continued to thrive. The emirate is now booming again, with its non-oil industries supporting the UAE’s economy at a time when some other countries in the region are suffering because of low oil prices.
Since the debt crisis, Dubai Holding and other state-linked enterprises have strengthened their books by refinancing debt and selling assets.
Dubai Holding also announced on Saturday strong financial results for 2016 at one of its main business groups, Dubai Holding Commercial Operations Group.
Net profit rose 8 percent to AED6.32 billion ($1.7 billion) while revenues increased 16 percent to AED16.84 billion.
Major initiatives last year included the launch of a project to build the Gulf’s first design and innovation university and the expansion of Dubai Holding’s Jumeirah hospitality business with deals to manage luxury hotels in Turkey and China, the conglomerate said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algergawi quits dubai holding to focus on govt role algergawi quits dubai holding to focus on govt role

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algergawi quits dubai holding to focus on govt role algergawi quits dubai holding to focus on govt role

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday