Managing director of Dubai theme parks operator DXB Entertainments resigns

Raed Kajoor Al Nuaimi will remain a non-executive member of the board of directors

The managing director of DXB Entertainments – the operator of Dubai Parks and Resorts – has resigned, the company announced in a bourse statement on Monday.

Raed Kajoor Al Nuaimi, who was previously the CEO of the company, has left his role as managing director with immediate effect, but will remain a non-executive member of the board of directors, the company said.

In May, the Dubai-listed company revealed that Al Nuaimi would be leaving his post as the CEO, after he was made the chief executive of a new entity to handle Dubai Holding and Meraas Holding developments. However, he was to remain the managing director and executive member of the board of directors at Dxb Entertainments.

Read more: Dubai Parks and Resorts operator appoints new CEO

The company also appointed Mohamed Almulla as his replacement. Mohamed Almulla was previously CEO of Arab Media Group (AMG) – a unit of Dubai Holding – overseeing all its three major business units including Arabian Radio Network, Done Events and Global Village.

He also earlier served as executive director of Dubai Media City.

DXB Entertainments, which opened Dubai Parks and Resorts late last year, announced a wider-than-expected loss in the first quarter of the year at Dhs292m, compared with a loss of Dhs38m in Q1 2016.

The loss “reflects the normal trajectory of a business in its early phase of development, as well as Dhs71m in pre-operating expenses,” Al Nuaimi said during the announcement.

The company also confirmed plans to cut operational costs by 20 per cent this year, compared with initial projections.