Dubai: Dubai Group, in the midst of a $10 billion (Dh36.7 billion) debt restructuring, has appointed as its chief executive Ahmad Al Qasim, who previously worked at its biggest creditor, three sources aware of the matter told Reuters.
David Smoot, the chief executive of Dubai International Capital (DIC) who was asked earlier this year to manage the sale of Dubai Group’s assets, didn’t take up the role, which led to Qasim’s appointment, the sources added on Thursday.
Dubai Group didn’t immediately respond to a request for comment.
Qasim, an Emirati, was a director of investment banking at Emirates NBD from February 2013, according to his LinkedIn page, and has also held roles at General Electric and its joint venture with Abu Dhabi’s Mubadala Development Company.
Dubai Group is yet to clinch a deal to reorganise its $10 billion debt pile despite more than three years of talks with creditors. Emirates NBD is Dubai Group’s largest creditor, with around 40 per cent of the $6 billion due to banks. The remaining $4 billion is classified as inter-company loans.
Two of the sources - at other creditor banks - said they were happy with Qasim’s appointment, despite his previous connections with Emirates NBD.
“Management, shareholders and creditors’ interests need to be aligned so it’s good to have someone who understands the situation,” said one of the creditor sources, speaking on condition of anonymity as the information isn’t public.
