Dubai World's Istithmar unit appoints new CEO
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Thu July 19, 2012 3:44 pm

UAE. Istithmar World, the investment arm of indebted state-owned conglomerate Dubai World, has appointed Hamza Mustafa, head of its real estate operations, as its new chief executive officer.

Mustafa joined the investment vehicle in 2009 and has previously held senior positions at real estate developer Nakheel International, Istithmar said on Thursday.

"Mr. Mustafa has made notable contributions to achieving the company's core objectives by leading several high profile restructurings and dispositions of key assets," Sultan Ahmed Bin Sulayem, Istithmar's chairman, said in the statement.

Istithmar was not included in Dubai World's $25 billion debt restructuring deal, reached in 2011, which called for full repayment after five and eight years, partly through asset sales. However, the investment vehicle's assets are likely to be among those sold to repay the parent firm's creditors.

Istithmar World's investment portfolio spans consumer, industrial and financial services, hotels and commercial property sectors.

Among its assets are the Atlantis resort in Dubai as well as stakes in U. S. retailer Barneys New York, entertainment group Cirque du Soleil, and the Mandarin Oriental New York hotel, according to the company website.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 29, 2014
KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
date:Posted: August 28, 2014
SAUDI ARABIA. The Saudi Arabian index is the region's most diverse capital market due to its size and maturity; Jadwa Investment views the opening up of the Tadawul as an overall positive but believes a cautious and considered path to reform is the best way forward, much like the Chinese example.
date:Posted: August 28, 2014
LEBANON. The results of the Byblos Bank/AUB Consumer Confidence Index show a marginal improvement in January and February, picking up pace in March and April, and regressing in May and June 2014.
KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
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