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Shake-up at Dubai Holding management

Ahmed bin Byat, Vice-Chairman and Fadel Al Ali, Chief Executive Officer of Dubai Holding have left the company, a company statement said recently, continuing a string of high-profile staff changes at the investment conglomerate.

The departures come a few days after Abdullah Al Habbai was chosen as chairman of the investment conglomerate by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, giving him responsibility for a $35 billion portfolio of assets in more than 20 countries. Fadel Al Ali and vice-chairman and Ahmad Bin Byat had decided to “step down” from their positions, the company said in a statement. Al Ali, in his early sixties, has been with the company since 2005 and was described as ‘very hands-on’, helping to steer the company through restructuring after the global financial crisis.

Al Habbai, who is also chairman of real estate developer Meraas Holding, will oversee Dubai Holding. Dubai Holding’s previous chairman, Mohammed Abdullah Al Gergawi, resigned last month, having headed the company since it was founded in 2004. Al Gergawi said he wanted to work full-time for the UAE Government, where he is Minister of Cabinet Affairs and the Future