February 25, 2017 / 2:05 PM / 9 months ago

Dubai Holding chairman resigns to focus on national government

DUBAI, Feb 25 (Reuters) - 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 dirhams. (Reporting by Andrew Torchia; editing by David Clarke)

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