Dubai’s government has replaced the entire board of one its investment funds just a fortnight after they were appointed, in an apparent attempt to restore creditor confidence in Dubai World’s $25bn restructuring deal.
Laying bare a political tussle in an emirate where allegiances have been tested by the debt crisis, the government dissolved the board of Istithmar and said the board of state controlled conglomerate Dubai World, chaired by Emirates airlines boss Sheikh Ahmed bin Saeed Al Maktoum, would assume control.
Earlier this month, Istithmar chairman Sultan bin Sulayem, who led Dubai World from boom to bust, appointed a new board as the investment fund became increasingly active. It recently sold property in New York and took control of Dubai’s Atlantis hotel by purchasing Kerzner International’s 50 per cent stake.
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