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This is an archive article published on December 28, 2009

Dubai Properties culls top execs

Dubai Properties replaced several executives including its CFO and pledged better governance.

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Dubai Properties Group,owned by the ruler of Dubai8217;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 8212; a unit of Dubai Holding,the private company of Dubai8217;s ruler 8212; 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 Holding8217;s property firms 8212; Dubai Properties,Sama Dubai and Tatweer 8212; 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 8220;to ensure efficiency.

 

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