Adel Al Shirawi appointed as Vice Chairman of Istithmar World

Al Shirawi, the former Chief Executive Officer of Tamweel P.J.S.C., the largest provider of real estate finance in the UAE, will assume his duties from February 3, 2008, and as Vice Chairman, he will report directly to the Chairman of Dubai World and Istithmar World, Sultan Ahmed Bin Sulayem.

In addition to his new responsibilities at Istithmar World, Al Shirawi will continue to serve as a member of the Board of Directors of Tamweel.

Welcoming Al Shirawi to Dubai World's flagship company, Bin Sulayem said: "As the CEO of Tamweel, Adel has been instrumental in making the company one of the most admired leaders in the financial industry. His wide experience and valuable input in devising long-term growth and expansion strategies has made Tamweel what it is today. I am proud to have a man of such high credentials and caliber at the helm of affairs at Istithmar World."

"I am confident, that under his leadership, Istithmar World will grow from strength to strength," added Bin Sulayem.

Al Shirawi said: "Istithmar has been vital in the development of a global portfolio for Dubai World and continues to contribute to the growth of Dubai and the UAE. My predecessor, Khaled Al Kamda, has played a prominent role in the success of Istithmar World, and I intend to build on that success. I am grateful to Mr. Bin Sulayem for his confidence in my ability to lead Dubai World's flagship investment arm."

"Actively pursuing synergies within Dubai World, Istithmar World will continue to grow assets under management in view of reaching stable state and realizing self-sustainable funding by 2010.

"I would like to see Istithmar World diversify its portfolio across key investment themes, and become a prominent investor in all sub-sectors of financial services industry, with a special emphasis on emerging markets and the GCC," he added.

Al Shirawi, who was recently nominated by the World Economic Forum as one of 25 Young Global Leaders for 2007 from the Middle East, will continue to solidify the position of Istithmar World by broadening the existing portfolio and launching new activities to maximize value and returns for Dubai World.

Despite the difficult credit market conditions in 2007, Istithmar World has successfully invested in world-class assets such as Barneys, GLG, and Fortress, increased equity investment in low-cost carrier SpiceJet, and established Gulf African Bank with a 33 percent stake, opened a China office, and made its first investment in Hans Energy, China. During the year, Istithmar World also set up Forsa, UAE's first specialized investment fund for women.

In 2006, Istithmar World saw its assets grow from $1.1bn to $3.4bn, with major investments (Bumrungrad, Loehmann, Education Media and Publishing Group) and significant acquisitions. The company acquired stakes in Standard Chartered bank, Perella Weinberg Partners, Arcapita, SR Technics, and established Dubai Aerospace Enterprise.

Before assuming charge as CEO of Tamweel, Al Shirawi served as Executive Director and Chief Technology Officer at the Ports, Customs and Free Zone Corporation (PCFC), and as Secretary General and Executive Director, Shared Services, at The Corporate Office Group. He also served as Assistant Director General, Finance and Administration, at the Dubai Department of Ports and Customs, as well as its Director of Information Technology.

Over the course of his distinguished professional career, Al Shirawi has also served in many of Dubai World's previous boards in addition to global boards such as Dubai Borse.