Dubai’s ruler Sheikh Mohammed bin Rashid al Maktoum has replaced Sultan bin Sulayem, the chairman of the troubled Dubai World conglomerate, with Sheikh Ahmad bin Saeed al Maktoum, the head of Emirates Airlines.
Mr Sulayem, a childhood friend of Sheikh Mohammed, was one of the last remaining lieutenants that presided over Dubai’s boom and turned it into the Middle East’s pre-eminent business hub, but incurred more than $100bn of debt.
Dubai World shook global markets when it announced a shock debt restructuring in November last year and the replacement of Mr Sulayem had long been predicted. He was removed as chairman of Nakheel, Dubai World’s flagship property developer, earlier this year.
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