Shaikh Mohammad appoints new chair of Dubai Holding

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, appointed on Sunday Abdullah Al Habbai as chairman of Dubai Holding, the investment conglomerate.

The announcement comes 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 is stepping down.

Al Gergawi said he was stepping down so that he could “dedicate [himself] to [his] calling in government for the foreseeable future.”

A tweet posted by the Dubai Media Office on Sunday said the new chairman, Al Habbai, will take on the position in addition to his other role as chairman of Meraas Holding.

Dubai Holding, whose portfolio includes Jumeirah Group and Dubai Properties, reported earlier an 8 per cent increase in net profits for 2016, reaching Dh6.32 billion. The company’s revenues also rose 16 per cent year-on-year to reach Dh16.8 billion.