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Dubai's ruler shakes up Dubai World leadership

Dubai's ruler shakes up Dubai World leadership

December 13th, 2010 in News

DUBAI, United Arab Emirates (AP) - Dubai's ruler has replaced the longtime head of Dubai World with his close aide and uncle as the struggling conglomerate works through its multibillion dollar debt burden.

Sheik Ahmed bin Saeed Al Maktoum was named as chairman of Dubai World in a decree announced late Sunday by state news agency WAM.

The order reshuffled the rest of the company's board too, giving seats to other top officials who have been charged with cleaning up Dubai's financial troubles.

Sheik Ahmed replaces as chairman Sultan Ahmed bin Sulayem, who helped spearhead Dubai World's rapid but debt-fueled growth.

Sheik Ahmed holds multiple roles in Dubai. He is best known as the chairman and CEO of state-run airline Emirates.