Dubai is again aflutter with gossip over a new power shift in the debt-laden emirate, which saw multiple management changes in 2009 as it tried to come to terms with a debt pile of $110bn.
As the FT reported on Monday night the ruler of Dubai replaced Ahmed Humaid al-Tayer (pictured) as governor of the Dubai International Financial Centre, the emirate’s offshore financial centre and a significant strategic asset. That came shortly after he was dropped as chairman of Emirates NBD, the United Arab Emirates’ largest bank.
Observers are saying al-Tayer was reeling after he found out about being ejected from the bank though a statement to the media. They say he then promptly resigned from all his posts – if true, an act of lèse majesté that couldn’t be verified.
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