DUBAI: Dubai Holding LLC named Edris Alrafi chief executive officer as the investment company owned by the emirate’s ruler seeks to grow after years of restructuring. Alrafi, formerly chief commercial officer at government-backed property developer Meraas Holding LLC, replaces Fadel Al Ali. He joins as Dubai Holding “focuses on a new organizational structure and debt management program to achieve a stronger balance sheet,” according to a statement late Monday.
Dubai Holding, which owns Dubai Properties Group LLC and hotel operator Jumeirah Group LLC, is one of three main state holding companies with about $35 billion of assets, according to its website. During the boom years, government entities amassed overseas assets such as luxury retailer Barneys New York Inc. and U.S. hotel and casino group MGM Resorts International. Many assets were then sold during the financial crisis. Dubai Group and Dubai International Capital LLC, units of Dubai Holding, reached an accord with creditors to restructure about $8.5 billion of liabilities in 2012 and 2013.
