Emirates Business 24|7 reported that Dubai World has created 2 senior posts as part of efforts to streamline operations during the ongoing global financial crisis.
A statement from the group said Mr Jamal Majid Bin Thaniah had been appointed as group CEO and Mr Maryam Sharaf as group COO.
It said that Mr Bin Thaniah current executive vice chairman of Dubai Ports World and group CEO of Ports and Free Zone World would help oversee restructuring measures and take charge of managing the holding company's business. Mr Maryam Sharaf the group's current CFO will be responsible for the group's overall investment and operational management.
The statement said that "Both the posts are newly created as part of initiatives to streamline the group's overall business operations in view of the global financial crisis and to usher in a new economic era."
Dubai World has a reported USD 59 billion of liabilities. In June it hired AlixPartners, turnaround experts advising on General Motors' bankruptcy to help restructure the group. Earlier this week the government conglomerate shook up management ranks at its Istithmar World unit, shifting over executives from developer Nakheel and it also moved some hotel and property assets to Istithmar.
Istithmar hired an advisory firm in August to help it mull options to strengthen Barneys' financial position and said that last week its 2 co chief investment officers would be leaving the firm.
(Sourced from Emirates Business 24|7)
