Dubai’s ruler replaced the long-time head of Dubai World with his close aide and uncle today, as the struggling conglomerate battles its multi-billion debt burden.
Sheikh Ahmed bin Saeed Al Maktoum was named as chairman of Dubai World in a decree announced by state news agency WAM.
The order reshuffled the rest of the company’s board too, giving seats to other top officials charged with cleaning up Dubai’s financial troubles.
Sheikh Ahmed replaces chairman Sultan Ahmed bin Sulayem, who helped spearhead Dubai World’s rapid but debt-fuelled growth.
Sheikh Ahmed holds multiple roles in Dubai and is best known as the chairman and chief executive of state-run airline Emirates.