Dubai reshuffles board of state investment unit

DUBAI (SANA): The ruler of Dubai has reshuffled the board of the Investment Corporation of Dubai, the state conglomerate that owns Emirates airlines, naming two of his sons as directors, a decree posted on his website showed.

The new six-member board also included Emirates Chairman Shaikh Ahmed bin Saeed Al Maktoum, Dubai International Financial Centre Governor Ahmed Humaid Al Tayer and ICD Chief Executive Mohammed Al Shaibany, also chairman of Dubai Islamic Bank.
Shaikh Mohammed bin Rashid Al Maktoum, who chairs ICD’s board, did not give a reason for the reshuffle in a decree issued on Thursday.

The measure removed Mohamed Alabbar and Mohammed Al Gergawi from the board.
Gergawi is a cabinet minister and chairman of another state investment firm, Dubai Holding, which is an investor in Sony and EADS.

Alabbar is chairman of developer Emaar Properties and director-general of the Dubai Department of Economic Development.

A decree published on Friday, in which Shaikh Mohammed removed Omar Bin Sulaiman from the helm of DIFC and assigned the role to Tayer, said the move was part of efforts to ‘improve performance in Dubai government and semi-governmental departments’.