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: November 20, 2014
INTERNATIONAL. The trajectory of Japan's economy has much to teach us about the wisdom of Keynesian policies. Those who are not blinded by left-wing dogma should take a good look at where the road of permanent stimulus ultimately leads.
date:Posted: November 20, 2014
INTERNATIONAL. The path to the acceptance of the participatory approach to development was forged, through trial and error, over several decades until the 1990s, when its global recognition by development practitioners became well-established.
date:Posted: November 20, 2014
INTERNATIONAL. There is a high degree of uncertainty over how the Iranian negotiations and the OPEC meeting will play out, but the end of November will be hugely important for energy markets.
dhgate