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 24, 2016
UAE. 71% of respondents think Brexit will not impact Dubai's competitiveness as a global financial centre.
date:Posted: August 24, 2016
INTERNATIONAL. With disruptive technologies changing the way people move around, new EY report recommends governments look to citizen behaviour as the starting point for developing sustainable transport policy.
date:Posted: August 24, 2016
UAE. 92% of polled GCC SMEs already on social media; Facebook, Twitter and LinkedIn driving unprecedented customer engagement for Arab SMEs, according to new Orient Planet Research report.
INTERNATIONAL. With disruptive technologies changing the way people move around, new EY report recommends governments look to citizen behaviour as the starting point for developing sustainable transport policy.
dhgate
cheap wedding dresses on Ca-Dress.com