DUBAI Feb 25 The chairman of Dubai Holding, the
investment vehicle of the emirate's ruler and a major force in
developing the Dubai economy, has resigned to focus on his role
in the national government, the conglomerate said on Saturday.
As head of Dubai Holding, Mohammed Abdullah al-Gergawi
oversaw a $35 billion portfolio of assets in more than 20
countries, in industries ranging from tourism and real estate to
media, information technology and trade.
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 United Arab
Emirates government. 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 6.32 billion dirhams ($1.7
billion) while revenues increased 16 percent to 16.84 billion
(Reporting by Andrew Torchia; editing by David Clarke)