Dubai Holding gets new chairman
Appointment of Abdullah Al Habbai comes after Al Gergawi steps down
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday appointed Abdullah Al Habbai as chairman of investment conglomerate Dubai Holding.
On top of chairing Dubai Holding, Al Habbai will continue to serve in his current position as group chairman of Meraas Holding, the company behind destinations like Boxpark, City Walk, and Jumeira Bay, among others.
“As a business leader who has steered major projects that have contributed to realising Dubai’s and the UAE’s growth vision, Abdullah Al Habbai is ideally placed to lead Dubai Holding in its next phase of growth. I am confident that his extensive experience and expertise will enable him to steer Dubai Holding in achieving new levels of industry development and innovation,” said Shaikh Mohammad in a statement.
He added that it was important for Dubai Holding to continue investing in projects that add value to a knowledge-based economy in line with the UAE government’s growth plans.
The appointment of a new chair comes three weeks after Mohammad Abdullah Al Gergawi, who had been serving as chairman since the inception of Dubai Holding 18 years ago, announced he is stepping down. Al Gergawi, who also serves as Minister of Cabinet Affairs of the Federal Government of the UAE, said he was stepping down so that he could “dedicate [himself] to [his] calling in government for the foreseeable future.”
Portfolio
He had seen the company grow from a team comprised of 20 people to the current headcount of over 22,000 people across 21 countries.
Dubai Holding, whose portfolio includes Jumeirah Group and Dubai Properties, reported earlier an 8 per cent increase in net profits for 2016, reaching Dh6.32 billion. The company’s revenues also rose 16 per cent year-onyear to reach Dh16.8 billion.
Dubai Holding manages assets worth Dh130 billion across sectors that include tourism, real estate, media, education, design, trade, and information and communications technology.