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Journalism of Courage
Dubai Properties Group,owned by the ruler of Dubai’s holding company,replaced several executives including its chief financial officer on Sunday and pledged better corporate governance to improve operations.
Changes at the property firm — a unit of Dubai Holding,the private company of Dubai’s ruler — include new chiefs of financial affairs,marketing,legal affairs,operations and property development,it said in a statement.
A planned merger between three of Dubai Holding’s property firms — Dubai Properties,Sama Dubai and Tatweer — and Emaar Properties was called off on December 9,adding to uncertainty about the debts of Dubai state-linked firms.
Flagship conglomerate Dubai World,faced with a $26 billion debt pile,rocked global markets on November 25 after it indicated a need to restructure.
Dubai Holding has about $1.9 billion of debt maturing in the first half of next year.
On Sunday,Dubai Properties said it would set an advanced corporate government framework “to ensure efficiency.
