UAE Vice President and Prime Minister and Ruler of Dubai has issued a decree naming a new board for ports and free zone holding company Dubai World for what appeared to be the first time in seven years.
Under Decree No. 3 of 2017 HH Sheikh Ahmed bin Saeed Al Maktoum was named chairman of the board, according to state news agency WAM.
The other board members are Mohammad Ibrahim Al Shaibani, director general of Dubai Ruler’s Court, Abdul Rahman Saleh Al Saleh, director general of the Dubai Finance Department, Hamad Mubarak Bu Amim, director general of Dubai Chamber of Commerce and Industry, Sa’adi Abdul Rahim Hassan Al Rais, group managing director of Rais Hassan Saadi Group and Soon Young Chang, senior advisor to Investment Corporation of Dubai.
The board is the same as that appointed in 2010 and will serve for a renewable term of three years.
The new Decree is valid from the date of issuance and will be published in the Official Gazette, according to WAM.
Dubai World’s portfolio includes Drydocks World, Economic Zones World, Istithmar World and majority ownership of DP World.
In 2015 the company was given approval to end court proceedings related to $14.6bn of debt.