Mohammed reshuffles board of state investment unit

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has reshuffled the board of the Investment Corporation of Dubai, the state conglomerate that owns Emirates airlines, a decree posted on his website showed.

The new six-member board also included Emirates Chairman Sheikh Ahmed bin Saeed Al-Maktoum, Dubai International Financial Centre Governor Ahmed Humaid Al-Tayer and ICD Chief Executive Mohammed Al-Shaibany, also chairman of Dubai Islamic Bank.

Sheikh Mohammed, who chairs ICD's board, did not give a reason for the reshuffle.

The measure removed Mohamed Alabbar and Mohammed Al-Gergawi from the board.

Gergawi is a cabinet minister and chairman of another state investment firm, Dubai Holding, which is an investor in Sony and EADS.

Alabbar is chairman of developer Emaar Properties and director-general of the Dubai Department of Economic Development.

A decree published on Friday, in which Sheikh Mohammed removed Omar Bin Sulaiman from the helm of DIFC and assigned the role to Al Tayer, said the move was part of efforts to "improve performance in Dubai government and semi-governmental departments".