Dubai World names new CEO for Istithmar unit [Khaleej Times (United Arab Emirates)]
(Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) Dubai World named on Monday Ziad Makkawi as the new chief executive for its investment arm, Istithmar World.
Makkawi replaces Andy Watson, who has been chief executive of Istithmar since 2010, Dubai World said in a statement. Watson will remain in his role as the group managing director of Dubai World, the firm added.
A veteran banking and investment professional in the region, Makkawi had set up asset management firm Algebra Capital in Dubai which he sold to Franklin Templeton in 2010. He has previously worked with Dubai-based Shuaa Capital and JP Morgan Chase, the statement said.
Istithmar World's investment portfolio spans consumer, industrial and financial services, hotels and commercial property sectors. Among its assets are the Atlantis resort in Dubai, entertainment group Cirque du Soleil, and the Mandarin Oriental hotel in New York.
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