Irish Sun
First published 1880 Friday 3rd September 2010 Issue 0246/8
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    Top executives leave Dubai Properties
    Irish Sun
    Monday 28th December, 2009  

    Dubai Properties Group, which is owned by the ruler of Dubai's holding company, has replaced several of its top executives.
    Dubai Properties Group, which is owned by the ruler of Dubai's holding company, has replaced several of its top executives.

    The chief financial officer left the company on Sunday as a statement was released to say Dubai Properties was making the changes to improve corporate governance and operations.

    Marketing, legal affairs, operations and property development will also see some face changes during the uncertainty period where the debts of the firm are being questioned.

    Flagship conglomerate Dubai World, faced with a $26 billion debt pile, shocked global markets on November 25th after it indicated a need to restructure.

    Dubai Properties was told it needed to make changes in its corporate government framework to ensure efficiency.

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    Comments on this story

    By kartik, 12-28-09, 11:05 AM

    Dubai Properties culls top execs

    Bad debts as well as poor financial management cannot be hidden or wished away for long enough. however hard corporates or governments (in this case) may try to hide poor decision making that lead to the financial crisis in the first place, but keeping the problem in hiding would only delay the chance to recover. just as a patient must visit the doctor as soon as he feels unhealthy & just pretending that there was nothing would neither help the patient nor the doctor who has to carry out the treatment. dubai is in mess because its leaders carried out an unreasonable & unsustainable expansionary fiscal policy, which was not backed by real value creation. so weather it creates a domino effect or not, for its own good & the good of several million locals as well as overseas workers who are stuggling wiht an uncertain future, the rulers must accept the failures & try to move ahead with transparent governnance practices.

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