Istithmar World’s new Board of Directors reviews growth plans; Appoints new CEO
The newly constituted Board of Directors of Istithmar World, a premier investment company with a broad international portfolio across North America, Europe, the Middle East, Asia and Africa, held its first meeting today, and underlined its commitment to achieve the long-term growth goals of the company and Dubai World.
The Board meeting, chaired by Mr. Sultan Ahmed Bin Sulayem, was attended by all seven members including: Mr. Jamal Majid Bin Thaniah (Group CEO, Port & Free Zone World and Vice Chairman, DP World), Mr. Eisa Kazim (Chairman of Borse Dubai, Managing Director and CEO of the Dubai Financial Market and Director of Nasdaq Dubai), Mr. Talha Sayed Abdulkader Al Hashimi (CEO, Bright Start LLC), Mr. Yuvraj Narayan (CFO, DP World), Mr. Madhav Dhar (Founder & Managing Partner of GTI Capital Group) and Mr. Sekhar Bahadur (former Managing Director and Vice Chairman, Financial Sponsors Group of Deutsche Bank AG, London).
Mr. Bin Sulayem thanked the members for accepting their position on the Board, reiterating the significant responsibility placed on them by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to drive the long-term growth objectives of Istithmar World and Dubai World. He also stressed the importance of Istithmar World’s role in meeting the objectives previously agreed with Dubai World’s creditors.
The Board reviewed the company’s strategic plans and operating budget, and also unanimously appointed Mr. Hamza Mustafa, currently managing director – Head of Real Estate of Istithmar World, as the company’s new Chief Executive Officer with immediate effect.
Mr. Bin Sulayem said: “Mr. Mustafa has made notable contributions to achieving the company’s core objectives by leading several high profile restructurings and dispositions of key assets. We have full confidence that Mr. Mustafa will lead the company effectively in achieving its vision, aspirations and long-term goals.”
Mr. Mustafa joined Istithmar World in 2009 and has been serving as Managing Director – Head of Real Estate. He was previously Managing Director of The World and Managing Director of Nakheel International.