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Dubai World's Chairman Replaced

Dubai World's Chairman Replaced - Dubai's ruler has replaced the longtime head of Dubai World with his close aide and uncle as the debt-laden conglomerate works to retool its business.

Sheik Ahmed bin Saeed Al Maktoum was named chairman of the sprawling conglomerate, whose holdings include seaports, high-end retailer Barneys New York and a stake in Las Vegas casino operator MGM Mirage, in a decree carried Sunday evening by state news agency WAM.

The order reshuffled the rest of the company's board too, giving seats to top lieutenants of Dubai's ruler who are charged with cleaning up the emirate's financial troubles.

Dubai World

Among them are Mohammed al-Shaibani, director of the Ruler's Court, the seat of executive power in the emirate, and Ahmed Humaid al-Tayer, who heads the Dubai International Financial Center banking hub.

Sheik Ahmed replaces as chairman Sultan Ahmed bin Sulayem, who spearheaded Dubai World's supercharged growth but also oversaw the accumulation of what turned out to be unmanageable levels of debt.

Sheik Ahmed holds multiple roles in Dubai. He is best known as the chairman and CEO of Emirates, the city-state's rapidly expanding international airline, and is president of Dubai's civil aviation department. He also chairs a government committee set up to oversee Dubai World in the wake of the emirate's financial crisis.

Dubai World's Chairman Replaced
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