Mohammad alters ICD, Dubal boards

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued a decree reshuffling the board of the Investment Corporation of Dubai (ICD).

According to the Decree, ICD will be chaired by Shaikh Mohammad, with Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, as Deputy Chairman.

It will include Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Dubai Deputy Ruler, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates airline and Group, Mohammad Ebrahim Al Shaibani, Director-General of the Ruler's Court and CEO of ICD, and Ahmad Humaid Al Tayer as members for three years.

Shaikh Mohammad has also issued two decrees forming the board of directors of Dubai Aluminum Company (Dubal).

The Dubal board will include Shaikh Hamdan Bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister of Finance, as chairman, and Ahmad Humaid Al Tayer as Deputy Chairman.

Panel

It will also include Hilal Khalfan Bin Daher, Saeed Mohammad Ahmad Al Tayer, Mohammad Abdullah Ahmad Al Ghurair, Tarek Hussain Khan Saheb, Abdullah Salem Mohammad Al Mane'e and Abdul Wahid Mohammad Al Fahim as members for three years as of May 31, 2009.

Shaikh Mohammad also amended terms of the decree setting up the Supreme Committee for Financial Policy in Dubai which will be chaired by Shaikh Ahmad Bin Saeed Al Maktoum.

Members of the committee include Al Shaibani as Deputy Chairman, as well as Abdullah Abdul Rahman Al Shaibani, Secretary General of the Executive Council, Abdul Rahman Al Saleh, Director General of the Finance Department and Abdul Aziz Rahma Al Muhairi, representing ICD.

Dubai Duty Free

Shaikh Mohammad has also issued a law setting up the Dubai Duty Free Establishment. Shaikh Ahmad Bin Saeed Al Maktoum will be Chairman of Dubai Duty Free (DDF).

The DDF will have a corporate body with legal capacity to discharge its responsibility. It will be affiliated to ICD. DDF has become the world's largest airport retailer in August with $1.1 billion in sales.

The establishment will own and operate sales in Dubai International Airport and other affiliated zones.

All assets, rights, obligations of DDF in Dubai International Airport or any other places will be transferred to the establishment from September 13, 2009. Employees of DDF at the Airport will also be transferred to the new body.

Dubai Events

A new law issued by Shaikh Mohammad also creates Dubai Events and Commerce Promotion Establishment that will replace the Dubai Shopping Festival (DSF) Office, while the establishment will keep its corporate body needed to achieve its targets.

The establishment will be in charge of supporting and promoting commerce sectors in Dubai, especially the retail sector, as well as activating shopping in the emirate and including the public and private sectors in organising and running events and festivals.

"The move will help us to strengthen Dubai's position as a year-round destination by developing innovative shopping promotions and events," Laila Suhail, CEO of Dubai Events and Promotions, told Gulf News.

Reshuffle

Dubai Events and Promotions to take over DSF Office

Dubai Duty Free assets shifts to ICD

Laila Suhail named CEO of Dubai Events & Promotions