Musical chairs

23 November 2009 By Una Galani Follow @ugalani

Several of the architects of the debtladen emirate s hapless financial expansion have been replaced. The display of accountability is welcome. But the changes appear to mark a return of the old guard. To restore confidence, Dubai really needs to bring in more outside voices.

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Dubai's ruler, Sheikh Mohammed bin Rashid alMaktoum, last week replaced several of the key architects of the emirate's financial expansion earlier in the decade, including the Governor of the Dubai International Financial Centre (DIFC) Omar bin Sulaiman.

A reshuffle of the board at the Investment Corporation of Dubai (ICD), the emirate's leading state investment vehicle and owner of the Emirates Airline, saw the departure of Mohamed Alabbar, Sultan Ahmed bin Sulayem and Mohammad alGergawi.

Alabbar is chairman of Emaar Properties. Gergawi and Sulayem are the respective chairmen of Dubai Holding and Dubai World, two of the emirate's most troubled holding companies.

The new Governor of the DIFC, Ahmed Humaid alTayer, is a prominent local businessman who has served for thirty years in the United Arab Emirates government. He will join the new sixmember board of the ICD along with two of the ruler's sons.

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Alabbar is chairman of Emaar Properties. Gergawi and Sulayem are the respective chairmen of Dubai Holding and Dubai World, two of the emirate's most troubled holding companies.

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