His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World, said on March 28 that good corporate governance will drive the group’s worldwide business following the successful restructuring of debts and internal reorganisation.
Sheikh Ahmed laid out the way forward for the global conglomerate during a meeting with the top management and senior managers of the group at Atlantis The Palm. It was attended by Members of the Board of Directors of Dubai World and some 600 senior-level executives from all the group business units.
Sheikh Ahmed, who took over as Chairman of Dubai World in December, recalled the words of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and said: “What is past is past and it is time we charted the way forward to work freely and without hindrance. As an important growth engine of the national economy, Dubai World has a pivotal role to play in securing Dubai’s position, achievements and reputation.”
Praising the exemplary speed and success with which Dubai World completed the restructuring of its US$ 25 billion debt and signed the agreement with its partners last week, Sheikh Ahmed said: “Dubai World has now moved into a new phase of growth. We look forward to a brighter future based on solid financials. Our work will be driven by the core principle of good corporate governance. The new Board of Directors has brought together some of the finest business people to guide and support the group companies in achieving sustainable growth in line with Dubai’s economic development.”
The Chairman welcomed the encouraging performance in 2010 of the group’s flagship companies like DP World and Economic Zones World, whose majority shareholder is Dubai World.
He said: “It is very important that the gains we are seeing as the pace of recovery grows are maintained. I encourage you to continue to focus on driving your business forward, making every effort to maximise value. It is up to you, me, my fellow Board members and everyone in the group to take Dubai World to new heights through hard work, innovation and generation of new ideas.”
He pointed out that the impact of the global economic downturn has not taken away from Dubai its merit as a regional hub for business and finance, nor its ability to create the necessary infrastructure to attract investors from the UAE and abroad.