Sheikh Ahmed appointed temporary head of Dubai Holding

Dubai Media Office says Sheikh Ahmed is replacing Abdulla Al Habbai

A model of Burj Jumeira, the new tower set to be a centrepiece of the new Downtown Jumeira project launched by Dubai Holding in January. Wam

Dubai ruler Sheikh Mohammed bin Rashid appointed Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas Holding, the Dubai Media Office said.

"His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has appointed His Highness Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas, replacing Abdulla Al Habbai," the government's media office said on Twitter.

Mr Al Habbai had been in charge of Dubai Holding, the investment vehicle of the emirate's ruler, for just over two and-a-half years. Mr Al Habbai was appointed to the role in March 2017 after successful spells running both Meraas Holding and the Dubai govenrment's Engineering Office. He continued to operate Meraas Holding at the same time as running Dubai Holding.

During his tenure at Dubai Holding launched major new projects like Downtown Jumeira and Madinat Jumeira Living.

Dubai Holding is one of the emirate's biggest conglomerates, responsible for the Jumeirah Group chain of hotels and resorts, the Tecom Group overseeing many of the city's business parks, Dubai Properties Group and Dubai Asset Management Group. It also owns the Arab Media Group and Emirates Integrated Telecommunications. According to its website, it has Dh130bn worth of assets and 20,000 employees.

Meraas Group, meanwhile, has been responsible for many of Dubai's best-known new mixed-use communities of the past decade, inluding La Mer, Bluewaters Island, City Walk and The Beach. It recently agreed a Dh5bn retail joint venture with Canada's Brookfield Asset Management.

In addition to his new role as chairman of Dubai Holding and Meraas Holding, Sheikh Ahmed is president of Dubai Civil Aviation Authority, chairman of Dubai Airports, and chairman of Emirates Group. He is also Second Deputy Chairman of The Executive Council of Dubai and chairman of Dubai World.