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: April 29, 2016
SAUDI ARABIA. SAGIA announced in early 2016 their plan to focus on priority sectors identified as having a direct impact on economic and human development, including healthcare.
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INTERNATIONAL. The investment community is significantly more likely than CEOs to consider misaligned performance incentives as a barrier to change: almost half (49%) of investors surveyed in the report flagged this as a major concern compared to only 17% of chief executives.
date:Posted: April 28, 2016
UAE. 51% of all Dubai hotels in mid-market segment versus 89% in New York; PwC research released at ATM 2016 touts construction figure of US$80k per room as incentive for developers looking for solid returns in high demand segment.
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