Dubai Properties, the real estate division of the Ruler of Dubai’s investment vehicle Dubai Holding, appointed Khalid Al Malik as acting group chief executive.
Mr Al Malik was previously chief real estate officer at Dubai Holding. His new appointment comes after Dubai Properties’ former group chief executive Raed Al Nuaimi resigned months after being appointed to the position in a management reshuffle at Dubai Holding in February.
"We confirm that Raed Al Nuaimi has resigned from his position as group chief executive of Dubai Properties for personal reasons," Dubai Properties said in an emailed statement to The National on Sunday.
“We thank him for his valuable contributions and wish him all the best for the future. We have started looking for a replacement but in the meantime, we have appointed Khalid Al Malik, chief real estate officer at Dubai Holding, as an acting group CEO of Dubai Properties.”
Prior to joining Dubai Holding in 2014, Mr Al Malik was chief executive of Dubai Properties. He is on the board of several organisations including Empower, Arady Developments, SmartCity Malta, SmartCity Kochi, Dubai Creek Harbour, Tunisie Telecom and the UAE International Investment Council.
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He has also held a number of Dubai Government and private roles in the past, including as director of operations at the Dubai Development and Investment Authority and chief executive of the Dubai Industrial City free zone.
In February, Dubai Holding made several senior management appointments, including Malek Al Malek as chief executive of free zone authority Tecom, Arif Mubarak as chief executive of Dubai Asset Management, and Nabil Ramadhan as chief executive of Dubai Retail.
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 Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
Company%20Profile
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What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
India cancels school-leaving examinations
The biog
Name: Maitha Qambar
Age: 24
Emirate: Abu Dhabi
Education: Master’s Degree
Favourite hobby: Reading
She says: “Everyone has a purpose in life and everyone learns from their experiences”
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
UAE%20PREMIERSHIP
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UAE currency: the story behind the money in your pockets
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE%20
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SEMI-FINAL
Monterrey 1
Funes Mori (14)
Liverpool 2
Keita (11), Firmino (90 1)
GCC-UK%20Growth
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