New chairman for Dubai World
Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Emirates Group and the Dubai Supreme Fiscal Committee, has been named chairman of the Dubai World conglomerate, replacing Sultan Ahmed bin Sulayem.
The appointment was made by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, in a statement from the Dubai Media Office.
Also appointed to the Dubai World board are Mohammed al Shaibani, the director general of the Ruler's Court, Ahmed Humaid al Tayer, the governor of the Dubai International Financial Centre, Abdulrahman al Saleh, the director general of the Department of Finance, and Hamad Buamim, the director general of the Dubai Chamber of Commerce and Industry.
In November last year, Dubai World announced it was in talks with its creditors to restructure US$24.9 billion (Dh91.45bn) of debt, mainly relating to its property business Nakheel, the developer of the Palm Jumeirah and other ambitious projects in the emirate.
In September, it was announced that Dubai World had successfully completed the restructuring, which involved more than 90 regional and international creditors.
Dubai World still has $4.4bn of debt falling due for repayment over the next year, according to analysts' estimates, as well as more on longer-term arrangements.
Sources close to Dubai World expect the new board will set up a permanent management structure comprising international executives to oversee the company's long-term recovery.
It is thought at least one place on the new management committee will be reserved for a representative of the banks, which have agreed to new repayment terms of between five and eight years.