Deals
Dubai Names Emirates Head as Chairman of Dubai World
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Dubai named Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline and uncle of the state’s ruler, as chairman of Dubai World in a board revamp a year after the company said it would halt loan repayments, roiling markets.
The 51-year-old replaces Sultan Ahmed bin Sulayem as head of one of the emirate’s three main state-owned holding companies, the government said in a statement yesterday. Under bin Sulayem, Dubai World’s units racked up $40 billion of debt by building palm-shaped islands off the emirate’s coast, and amassing stakes in companies including luxury retailer Barneys New York Inc. and U.S. casino group MGM Mirage.