Dubai: Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of Dubai Creative Clusters Authority, has reviewed Dubai Holding’s new strategic direction, which is aimed at boosting the Group’s future growth as a stand-alone entity.
In a meeting attended by Abdullah Al Habbai, Chairman of Dubai Holding and Edris Alrafi, CEO of Dubai Holding, a new business model was presented that focuses on a new organisational structure and debt management programme to achieve a stronger balance sheet. Al Habbai was appointed chairman on March. 19, three weeks after Mohammad Abdullah Al Gergawi, who had been serving as chairman since the inception of Dubai Holding 18 years ago, announced that he was stepping down.
Under the directives of Shaikh Maktoum, Dubai Holding will establish a new organisational framework, focus on growth in key priority sectors, and launch new initiatives to ensure sustained growth across the board.
The meeting focused on Dubai Holding’s vision for the future, its vital role in supporting Dubai’s economic diversification and commitment to honour all existing obligations across the Group.
“Dubai Holding is a key pillar in achieving the growth and the ambitious socioeconomic development of Dubai and the wider UAE. It plays a crucial role in implementation of the Leadership’s vision to solidify the country’s strategic position globally,” Shaikh Maktoum said. “We look forward to strengthening the Group’s performance through enhanced administrative and operational structures and boost its contribution to Dubai’s future growth as set out in the Dubai Plan 2021.”
Al Habbai said that Dubai Holding is in a significant phase of its corporate evolution as it addresses legacy liabilities and reshapes its business model to drive further growth.
”Dubai Holding will continue to operate as a stand-alone entity and there are no plans to merge it with any other company,” he said. “The new model is intended to achieve a stronger balance sheet and greater financial capacity for the group at large. With these efforts, Dubai Holding is firmly positioned on the path of sustained growth and seeks to become a national champion with truly international reach.”
Dubai Holding Chief Executive Fadel Al Ali and vice-chairman and managing director Ahmad Bin Byat had left the company at the end of March, part of a string of high-profile staff changes at the investment conglomerate.
Dubai Holding has a portfolio of assets valued at $35 billion (Dh128.45 billion) in more than 20 countries that includes Jumeirah Group and Dubai Properties.
