Soud Ba'alawy to focus on Dubai Group; Resigns from the Financial Exchanges

Dubai: 25 November 2009 -  Dubai Holding announced today that Soud Ba'alawy, Executive Chairman of Dubai Group, has decided to resign from his post as Chairman of NASDAQ Dubai. Mr. Ba'alawy will also resign his seats on the boards of the NASDAQ OMX Group, Dubai Financial Market and Borse Dubai to focus more closely on his core role at Dubai Group, the leading diversified financial services company of Dubai Holding. 

Ba'alawy said: "It was a great honour for me to participate in Dubai's evolution as a key financial centre. I am also grateful for having been given the opportunity to take forward the growth of the exchanges. I believe they have reached high levels of maturity today and therefore, I am now ready to focus on Dubai Group".

Ba'alawy has been heading Dubai Group since its inception in 2000. His latest decision will not impact his status as member of other boards.

Dubai Holding is a shareholder in Borse Dubai, which in turn owns shares in NASDAQ Dubai, NASDAQ OMX Group and Dubai Financial Market

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About Dubai Holding
Dubai Holding was launched in October 2004 to consolidate the various large-scale infrastructure and investment projects in Dubai, as well as to identify opportunities to develop future major projects that will benefit the UAE and the region.

The company has been created with the goal of providing a better future for all through the range of life-improving industries it is involved in. Each Dubai Holding operating company focuses on key areas which dynamically support the development of Dubai as a world-leading hub for commerce, leisure and finance.

Under its slogan: "for the good of tomorrow" Dubai Holding has created a strong presence in 13 various industries by developing pioneering initiatives spanning numerous sectors including Finance, Real Estate, Technology, Hospitality, Energy, Healthcare, Aerospace, Communication, Industrial Manufacturing, Biotechnology, Education, Leisure & Entertainment, and Telecommunication.

Dubai Holding's seven member companies are: Jumeirah Group, TECOM Investments, Dubai Group, Dubai Properties Group, Tatweer, Sama Dubai, and Dubai International Capital. Through these companies Dubai Holding has a foothold in four continents with more than 250 companies and around 16, 000 employees.

The seven members have initiated, launched, and manage companies in different sectors. These companies include: Jumeirah Living, Jumeirah Essex House , Wild Wadi,  Dubai Internet City, Dubai Media City, Dubai Knowledge Village, Dubai investment Group, Noor Islamic Bank, Borse Dubai, Dubai Properties, Injaz, Salwan Properties Management, Dubai Healthcare City, Universal Studios Dubailand, The Tiger Woods Dubai, Dubai Towers, Salam resort brand, Dubai International Capital Global Equity, and Dubai International Capital Private Equity.

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© Press Release 2009

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