Dubai Holding, the Ruler of Dubai's investment vehicle, has appointed three new chief executives for its portfolio of companies, as it implements a new operating model announced last year.
“Looking ahead, we will focus on improving our capabilities across all our companies to help accelerate growth by focusing on core competencies, increasing transparency of performance and driving efficiencies,” said Abdulla Al Habbai, chairman of Dubai Holding, in a statement on Wednesday.
Dubai Holding is one of the biggest conglomerates in the emirate and has a diversified portfolio that includes the Jumeirah Group, the hospitality company operating Burj Al Arab.
Duba Holding said Amina Al Rustamani, the chief executive of Dubai free zone authority Tecom Group, which operates Dubai Media City, Dubai Internet City and the new D3 arts district, among others, is to stand down with effect from February 22.
Ms Al Rustamani will be replaced by Tecom’s current deputy chief executive Malek Al Malek.
Dubai Holding also said Arif Mubarak, group chief operating officer of Dubai Properties, has been appointed chief executive of Dubai Asset Management, while Nabil Ramadhan, former group head of real estate at Jumeirah Group, has been appointed chief executive of Dubai Retail.
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Dubai Asset Management and Dubai Retail were established last year when Dubai Holding introduced a new operating model to position the group for future growth.
“The new operating model is a strategic move to position the businesses for the future and will be overseen by a team of young visionaries," said Mr Al Habbai.
It is intended to help Dubai Holding “to continue playing a pivotal role in the development of Dubai”, a statement from the group added.
Earlier this week, Dubai Holding appointed Amit Kaushal as its new chief executive, and Raed Al Nuaimi as chief executive of Dubai Properties.
The statement from Dubai Holding listed several operational highlights from last year, including the launch of Marsa Al Arab, a new tourist destination in Dubai’s Jumeirah District, close to the Burj Al Arab; Dubai Food Park, a dedicated zone to serve Dubai’s expanding food sector, and Emirates Towers Business Park.
Dubai Properties completed over 300 homes in 2017 and handed over to owners; and sold approximately 2,000 new villas and apartments.
Tecom Group registered 470 new companies across its Dubai free zones, spanning 13 business communities, the statement said.