Wednesday, 2 December 2009

Dubai Who’s in and who’s out

Mohammed al-Shaibani, director-general of ruler Sheikh Mohammed bin Rashid al-Maktoum’s court
Heads Investment Corporation of Dubai, which has stakes in government companies and oversees both the emirate’s debt and support for state-linked businesses. Following his return from the ruler’s London office to his court in Dubai, once again the prime seat of sheikhly power, he masterminded last year’s anti-corruption campaign.

Ahmed al-Tayer, Governor of Dubai International Financial Centre

As a member of one of the city’s oldest merchant families, his ascendance could signal a return to a more conservative financial approach. The former finance minister took over at DIFC following a purge of Dubai’s young leaders. Also chairs Emirates NBD after leading the forced merger of Emirates Bank with the National Bank of Dubai.

Abdulrahman al-Saleh, director-general of department of finance

The former senior customs executive took over at the department in May and now finds himself tasked with smoothing Dubai’s passage through one of its most severe financial crises.

Sultan bin Sulayem, Chairman of Dubai World
Son of the closest adviser to the ruler’s father, he made his name turning Dubai Ports Authority into a world-beater. Also launched Nakheel, property arm of the state-owned holding company Dubai World, and oversaw construction of one of the emirate’s man-made islands as projects grew more grandiose ahead of last year’s crash.

Mohammed al-Gergawi, Dubai Holding chairman and UAE minister of cabinet affairs

Became a close adviser to the ruler a decade ago. Made his name launching the emirate’s internet and media business clusters, then building up Dubai Holding’s interests. Its crisis-hit property and investments arms have been forced to restructure, however, and some senior executives have been investigated over corruption allegations.

Mohammed Alabbar, chairman of Emaar Properties
A leading figure in the property boom of this decade. Revived the emirate’s Asian holdings after a real estate downturn in the late 1980s before setting up the department of economic development in 1992. But his remit is narrower now, focusing on guiding the region’s largest property firm through the crash.

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