One of Dubai's leading real estate tycoons, Abdulla al-Habbai, will take charge of Dubai Holding, which has a $35 billion portfolio of assets in over 20 countries.
Abdulla al-Habbai was chosen as chairman of the investment conglomerate by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, the government said in a brief statement.
Dubai Holding's previous chairman, Mohammed Abdullah al-Gergawi, resigned last month after heading the company since it was founded in 2004. Gergawi said he wanted to work full-time for the United Arab Emirates government, where he is minister of cabinet affairs and in charge of strategy development.
Within the emirate, Dubai Holding operates a wide range of business parks in addition to assets in tourism, telecommunications and other sectors.