Ahmad bin Byat Named Acting Head of DPGSunday, November 01, 2009
Ahmad bin Byat, chief executive of Dubai Holding, has assumed the position of acting chairman of Dubai Properties Group, or DPG, following the arrest of the property company’s former chairman Hashim Al Dabal on charges of improper financial dealings. DPG, which now represents the newly formed property vertical within Dubai Holding, also named Khalid Al Malik as its group chief executive, according to a statement e-mailed to Khaleej Times by Dubai Holding, the parent company of Dubai Properties Group. Khalid will report directly to Ahmad bin Byat “who has assumed” the position of acting chairman of DPG — the developer behind several massive residential and commercial projects in Dubai including Jumeirah Beach Residence. “Any reported issues are now a matter for the appropriate authorities,” the statement said in an apparent reference to the ongoing investigation over allegations of misuse of authority and embezzlement by Al Dabal. “Dubai Holding and all its business entities are committed to the highest levels of corporate governance. As such, we fully support the Dubai government’s initiatives to uphold these standards,” the statement added.
On Friday, Dubai Attorney-General Issam Eisa Al Humaidan told Khaleej Times that Al Dabal, who was taken into custody last week, was being investigated over allegations of misuse of authority and embezzlement. The case has been referred for prosecution. The embezzlement probe comes amid a merger move between DPG and Emaar Properties, the builder of Burj Dubai, the world’s tallest building nearing completion in Dubai. The investigation into Al Dabal follows a string of arrests involving officials of Dubai’s once booming property market. In August last year, Dubai’s public prosecutor vowed to take “strict and prompt action” against corruption and bribery. Authorities in Dubai have arrested officials at property companies since beginning an investigation into corruption last year. They include Deyaar Development PJSC’s former chief executive, Zack Shahin, and Adel Al Shirawi, former chief of mortgage lender Tamweel PJSC. The proposed merger of DPG with Emaar is aimed at controlling the supply of new buildings amid a glut of homes that drove property prices in Dubai 50 per cent lower. The combined entity will have Dh13.4 billion of debt and Dh194 billion of assets, Emaar said on October 22.Source: Khaleej Times