Mission accomplished: Al Gergawi steps down as Dubai Holding chairman

Gergawi said that the trust of Sheikh Mohammed given to himself and Dubai Holding's team was the main reason behind the group's success.

Mohammed bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Future, ended a remarkably successful mission as chairman of Dubai Holding after announcing on Saturday an eight per cent net profit surge for the conglomerate's Dubai Holding Commercial Operations Group on a total revenue of Dh16.84 billion for 2016.
Al Gergawi, who has been with Dubai Holding, a global investment holding company, since its inception and nurtured it as a key contributor to Dubai's amazing success story, said Dubai Holding Commercial Operations Group continued to see good operational progress with all businesses performing well and contributing to group profitability. Net profit increased to Dh6.32 billion from Dh5.83 billion, while total revenues increased by 16 per cent to Dh16.84 billion compared to Dh14.53 billion last year.
In a statement, Al Gergawi said after obtaining the blessing of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and after having put Dubai Holding on a rapid growth path, his mission as chairman of Dubai Holding had come to an end, paving the way for another talented person to take over.
He would now dedicate his full time and effort to his duties in the government.
Dubai Holding manages an extensive portfolio of companies focused on business communities, hospitality, tourism, real estate and telecommunications.
Sheikh Mohammed said the performance of Dubai Holding was exceptional since its inception 18 years back, where it had added "creative, innovation based new sectors to our economy by establishing specialised parks in media, content, technology, knowledge, design research and sciences in addition to a world-class name in the hospitality sector".
"We thank Mohammed Al Gergawi for his excellence in the all the responsibilities he was overlooking, his performance in Dubai Holding was exceptional and we appreciate his service to his countries in the different fields. Dubai Holding added real value to our national economy, and Mohammed Al Gergawi is a role model for responsible, successful and sincere officials," said Sheikh Mohammed.
"Eighteen years back, we chose Mohammed Al Gergawi through a number of secret shoppers who were following his performance. We gave him the responsibility of tackling a lot of challenges and he succeeded, and we gave him our trust after we saw his dedication and sincerity in servicing his country. He and his distinguished fellow Emirati compatriots are appreciated and thanked for their achievements and dedication," added Sheikh Mohammed.
Al Gergawi said that the trust of Sheikh Mohammed given to himself and Dubai Holding's team was the main reason behind The Group's success, and that His Highness' vision changed the nature of economic projects in Dubai and the UAE.
"Dubai Holding is proud to contribute in translating part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, who transformed the face of economy and the way of managing businesses and governments in the region," he added. Dubai Holding projects have become an essential part of the economy and the fabric of life, whereby its strategy proved to be effective in diversifying the national economy, said Al Gergawi.
He thanked Sheikh Mohammed for his trust, support and empowering of him personally and Dubai Holding team. "We are all sincere soldiers in Mohammed bin Rashid's and the UAE team and will continue to serve our country forever."
"We started at Dubai Holding 18 years ago in rented offices with used furniture and with a small loan. Today, the group businesses and projects operate in 21 countries, with 22,000 employees working in various sectors. When we first started, we were faced with a challenging situation, as we only had one remote piece of land in Dubai and only Dh200 million loan. Today the group's assets exceed Dh100 billion across different sectors," said Al Gergawi.
In a letter addressed to his team in Dubai Holding, Al Gergawi said Dubai Holding played an immense role in changing the face of life to translate Sheikh Mohammed's vision thanks to your efforts and dedication. Dubai evolved from a city that had one television station to an international media centre, attracting more than 2000 media organisations and 33,000 experts in the field of media, working and living in Dubai Media City and transforming Dubai to the capital of content creation in the region, he pointed out.
"We are proud of the Knowledge Village and Dubai International Academic City which embrace over 25,000 students and 400 academic programmes. We also pride ourselves with Dubai Internet City in which 1,400 companies and 32,000 tech specialists work. Moreover, we are proud of Dubai Science Park, which hosts 3,600 experts in biotechnology and pharmaceutical industries. There is also Jumeirah Group, which we are most proud of, as it operates more than 20 hotels, and hold a UAE world-class name in the hospitality sector. We do express our utmost pride in construction and developments projects, including Business Bay, which has become the new business hub in Dubai. What is more, we are proud of our contribution to building smart cities in Dubai, Malta, India and South Korea, which embody our future vision," Al Gergawi said in his letter.
He said Dubai Holding has become part and parcel of the Dubai's economy and lifestyle, thanks to efforts, work and sincere dedication of all team members. "This achievement wouldn't have materialized had not been for the vision and guidance of a great leader - Sheikh Mohammed bin Rashid Al Maktoum."
"As my mission in Dubai Holding comes to an end, I would like to remind you that you are working for a better tomorrow and a better life, as well as working to achieve the vision of a leadership whose mission is to make their people happy. I am grateful for my journey with you; I am grateful for what I have learned from you; and I am grateful for the opportunity to serve my great nation," Al Gergawi said.
- issacjohn@khaleejtimes.com

Issac John

issacjohn@khaleejtimes.com