business

Dubai Holding Swaps Ex-Goldman Bankers at $35 Billion Firm

Updated on
  • Amit Kaushal replaces Edris Alrafi after less than a year
  • Kaushal also previously worked at UBS and Deutsche Bank

Dubai Holding LLC appointed Amit Kaushal as chief executive officer, replacing Edris Alrafi, who left the investment firm owned by the emirate’s ruler after less than a year.

Kaushal was previously chief financial officer at the conglomerate that manages about $35 billion of assets, according to an emailed statement. He was also senior vice president of funding and treasury management at property developer Meraas Holding LLC. The statement didn’t provide a reason for Alrafi’s departure.

Kaushal joined Meraas from Goldman Sachs Group Inc. and previously worked at UBS Group AG and Deutsche Bank AG in London and Dubai, according to information on Dubai Holding’s website. It’s not clear who will replace Kaushal as CFO.

Dubai Holding, which owns Dubai Properties Group LLC and hotel operator Jumeirah Group LLC, is one of three main state holding companies in the emirate. During the boom years, government entities amassed overseas assets such as luxury retailer Barneys New York Inc. and U.S. hotel and casino group MGM Resorts International. Many assets were then sold during the 2008-2009 financial crisis.

Alrafi, who was formerly chief commercial officer at Meraas, was appointed as CEO of Dubai Holding in April last year, replacing Fadel Al Ali. He joined Dubai Holding as it focused on a new organizational structure and debt management program, according to a statement at the time.

Dubai Properties, a unit of Dubai Holding, also appointed Raed Al Nuaimi as CEO after the departure of Abdulla Lahej, according to a separate statement. Al Nuaimi was previously CEO of North25, a group managing projects across Dubai Holding and Meraas Holding. Prior to that he was CEO of DXB Entertainments.

(Updated with new Dubai Properties CEO in last parapgraph.)
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