Conglomerate Dubai World shifted ownership of its property units Nakheel and Limitless to the government, concluding a restructuring process, it said on Wednesday.
The state-owned flagship firm also named Andy Watson as managing director and Junaid Rahimullah as chief financial officer.
The two property divisions have operationally and financially been separated from Dubai World, according to a statement. Shifting Nakheel to the Dubai government was part of Dubai World's restructuring proposal.
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