Dubai Holding announces creation of 'Tatweer'

Dubai Holding announces creation of 'Tatweer'

DUBAI, 19 December 2005: Executive Chairman of Dubai Holding, Mohammad Al Gergawi, today announced the creation of Tatweer, a new company which will manage a dynamic portfolio of Dubai Holding companies. Tatweer will be wholly owned by Dubai Holding.

Furthermore, Mr Al Gergawi announced the appointment of Saeed Al-Muntafiq as Chief Executive Officer of Tatweer. Mr Al Muntafiq is also Director General of the Dubai Development and Investment Authority.

Tatweer will drive the development of a group of companies which have such diverse interests as energy, tourism leisure and entertainment, industrial, and healthcare but which also have a common purpose to deliver long-term growth for all aspects of life in Dubai.

Tatweer's portfolio of companies will include Dubailand, Dubai Healthcare City, Dubai Industrial City, Dubai Energy, Dubai Mercantile Exchange, Global Village and Moutamarat. It will act as a corporate centre setting strategic direction and targets for the entire portfolio and assisting companies in business development, investment planning and talent management. It will also bring the companies in line with international best practice, quality and health and safety standards.

"The formation of Tatweer marks an important step forward for Dubai Holding and its operating companies. As a corporate centre, Tatweer will create value by capitalizing on new market opportunities that complement its portfolio, exploiting operational synergies and developing an excellence model to enhance customer experience."

"The ambitious growth plans and diversity of its portfolio requires Dubai Holding to develop innovative management structures and world class teams. Tatweer brings together some of the most experienced and respected talents from Dubai and overseas. The diversity of their experience, strong regional knowledge and international exposure will generate incremental value for the Tatweer portfolio. I have great confidence in the team led by Saeed Al-Muntafiq and foresee strong and positive results", said Mr Al Gergawi.

Tatweer's management team has been drawn from a variety of sectors within Dubai and internationally, and will comprise senior executives with strong, proven track records. They will bring a complementary focus to the operating companies in areas such as governance and business excellence.

Saeed Al-Muntafiq commented: "We have put together a formidable management team and we are looking forward to the challenges ahead with both confidence and commitment. With such a wide variety of companies, it will be critical to drive maximum return and value across the portfolio."