The chairman of Dubai Holding, the investment vehicle of the emirate, has resigned to focus on his role in the national government, the group said on Saturday.
As head of Dubai Holding, Mohammed Abdullah al-Gergawi oversaw a $35 billion portfolio of assets in more than 21 countries and employing over 22,000 people, in industries ranging from tourism and real estate to media, information technology and trade.
He is minister of cabinet affairs and in charge of strategy development in the national government.
Dubai Holding also announced strong financial results for 2016 at one of its main business groups, Dubai Holding Commercial Operations Group.
Net profit rose 8 percent to $1.7 billion (6.32 billion dirhams) while revenues increased 16 percent to 16.84 billion dirhams.
Gergawi said in a statement it was time for another talented person, whom he did not identify, to take over Dubai Holding, and that he would now work full-time for the UAE government.
Dubai Ruler Sheikh Mohammad Bin Rashid Al Maktoum commented that the performance of Dubai Holding was exceptional since its inception 18 years back, where it had added creative, innovation-based new sectors to our economy by establishing specialized parks in media, content, technology, knowledge, design research and sciences in addition to a world-class name in the hospitality sector.
Sheikh Mohammad added: “We thank Mohammad Al Gergawi for his excellence in the all the responsibilities he was overlooking, his performance in Dubai Holding was exceptional and we appreciate his service to his country in the different fields.”
Dubai Holding chief al-Gergawi quits to focus on government role