Saturday, Aug 29, 2009
DUBAI (Zawya Dow Jones)--Dubai Holding, part of the business empire of the emirate's ruler Sheikh Mohammed bin Rashid Al Maktoum, said Saturday it had appointed a chief executive and an executive chairman for its newly-created unit Property Vertical.
Khaled Al Malik, formerly Tatweer LLC's CEO, was appointed as CEO of Property Vertical, while Hashim Al Dabbal, the former executive chairman of Dubai Properties LLC, was named executive chairman of the new company, Dubai Holding said in a statement.
Dubai Holding said Property Vertical integrates the portfolios of Dubai Properties with Sama Dubai LLC, as well as Tatweer's real-estate development projects to create one of the region's largest real-estate and development businesses.
Dubai government-owned companies are under pressure to restructure as the emirate struggles to bolster an economy that's being hit hard by the global financial crisis and amid rising cost of financing its debt pile.
Dubai Holding said it had also appointed Tatweer's former CEO Ahmad Sharaf for a leading role in its corporate strategy office, while Mohamed Binbrek, Dubai Properties' former CEO, now leads the corporate office's newly created infrastructure division.
Tatweer's acting CEO is now Muhadditha Al Hashimi, according to the statement.
-By Summer Said, Dow Jones Newswires; +9714 364-4960; summer.said@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
29-08-09 1251GMT
