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
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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

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UAE. "In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers' needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike."
UAE. "In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers' needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike."
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