Istithmar World announces board shake-up
Please click to enlarge the image.
Istithmar World, a Dubai-based investment company, has announced a new board of directors as it looks for growth in a "challenging economic environment".
Sultan Ahmed Bin Sulayem remains chairman of the firm which is behind plans to relaunch the iconic QE2 cruise liner as a 300-room luxury floating hotel, but the seven-member board has four new faces, a statement said.
The board is made up of Jamal Majid Bin Thaniah (Group CEO, Ports and Freezone World and vice chairman, DP World), Eisa Kazim (chairman of Borse Dubai, managing director and CEO of the Dubai Financial Market and director of Nasdaq Dubai), Talha Sayed Abdulkader Al Hashimi (CEO of Bright Start), Yuvraj Narayan (CFO, DP World), Madhav Dhar (founder of GTI Capital Group), and Sekhar Bahadur (former managing director, Financial Sponsors Group of Deutsche Bank).
The move is the latest by a high-profile Dubai company to shake-up its senior management.
Dubai Holding announced last month a new board of directors for TECOM Investments (TECOM), which owns and operates several free trade zones in the emirate.
Earlier, it announced the setting up of a new board of directors for Dubai Properties Group (DPG), its real estate arm.
Istithmar World has interests across North America, Europe, the Middle East, Asia and Africa and is headquartered in Dubai, with offices in New York, London and Cape Town.
In April, Kerzner International Holdings Limited said it had sold a 50 percent stake in Atlantis, The Palm in Dubai to resort co-owner Istithmar World, a unit of Dubai World, for $250m.