AW Rostamani Group founder Abdul Wahid Rostamani dies

AW Rostamani Group founder and chairman Abdul Wahid Rostamani has passed away, the group announced on Thursday.

According to the group, Abdul Wahid passed away "suddenly and unexpectedly" on Thursday morning at Dubai's Rashid Hospital. He was 83 years old.

"It is with great sadness that we announce today the passing of a father a leader Abdul Wahid Rostamani," AW Rostamani Automative CEO Michael Ayat said in a statement. "His drive to excellence, determination, can-do spirit and commitment to everyone in this organization will inspire and stay with us always."

"On behalf of our Board of Directors, executive management team and employees, we mourn his loss and extend our deepest sympathies to his family," Ayat added.

Since the group as founded, AW Rostamani became one of the largest conglomerates in the UAE, with interests in various industries including automobiles, real estate, logistics, retail and luxury. The group employs over 3,000 people.

Rostamani - who was 64th on the Forbes list of the world's richest Arabs - also held a 5.75 per cent stake in the Commercial Bank of Dubai, as well as a 16.77 per cent stake in Dubai Insurance.

reporters@khaleejtimes.com