Dubai Holding, Properties appoint new CEOs

Dubai Holding, the investment vehicle of the emirate’s ruler, has appointed former Goldman Sachs banker Amit Kaushal as chief executive, the company said on Monday.

Kaushal, who was most recently Dubai Holding’s chief financial officer, will replace Edris AlRafi who had stepped down from his position of chief executive of Dubai Holding, it said.

Abdulla Lahej, group chief executive officer of Dubai Properties, a unit of Dubai Holding, decided to leave Dubai Properties, Dubai Holding said in the same statement.

He will be replaced by Raed Al Nuaimi, who joins from North 25, which was launched last year to manage multibillion dollar development projects across Dubai Holding and real estate developer Meraas Holding.

The leadership change follows a reshuffle of senior officials at Dubai Holding last year, involving the departure of the chief executive and vice chairman.

Read: Dubai Holding appoints new CEO, denies any merger plans

Dubai Holding has assets worth Dhs130bn ($35.40bn). Its portfolio companies own business hubs, hotels, resorts as well as telecommunications and financial services assets.