Dubai World names new CEO for Istithmar investment unit
(Reuters) - Dubai World, the state-owned conglomerate that completed a $25 billion debt restructuring in 2011, 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 company 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 J.P. Morgan Chase Inc, the statement said.
Dubai rocked global markets in November 2009 when it asked to restructure $25 billion of debts built up by the conglomerate during a boom period in the mid-2000s, where they invested in assets ranging from hospitality to logistics.
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 . (Reporting by Dinesh Nair; Editing by David French)