Dubai News: Turning to Veterans as Real Estate Slump Persists - Bloomberg:
Dubai is turning to two of its most trusted officials to steer its key companies through a drawn-out slowdown, a decade after they helped pull the business hub back from the brink of default.
Mohammed Al Shaibani, director general of the ruler’s court and head of Investment Corp. of Dubai -- the emirate’s main investment arm -- was named as chairman of palm-shaped island developer Nakheel PJSC, which was at the center of the debt crisis in 2009.
Al Shaibani’s appointment comes just weeks after Emirates Group Chairman Sheikh Ahmed bin Saeed Al Maktoum became temporary head of Dubai Holding LLC, the state conglomerate that manages about $35 billion of assets, and property developer Meraas Holding LLC.
The old guard is back as Dubai looks set to endure another year of falling property prices, weak demand and a retail sector that’s struggling. The emirate also faces the prospect of restructuring a chunk of $23 billion loans to government-related companies for a second time. Many of the city’s hopes rest on hosting the World Expo 2020 exhibition later this year, which is expected to spur economic growth to about 3.2%, after expanding just 2.1% in 2019.
No comments:
Post a Comment