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New CEO as Edris Alrafi replaced at Dubai Holding

Former CFO Amit Kaushal tasked with implementing commercial and financial strategy

Image: New CEO Amit Kaushal

Dubai Holding, the investment conglomerate owned by Sheikh Mohammed bin Rashid, the Vice President, Prime Minister and Ruler of Dubai, has appointed Amit Kaushal as its new chief executive, replacing Edris Alrafi, who held the position since April 2017.

Kaushal was previously the chief financial officer at Dubai Holding, and in his new role, he will be responsible for developing and implementing the commercial and financial strategy for the overall group.

He was also the senior vice president of Funding & Treasury Management at Meraas, the Dubai-based holding conglomerate, where he oversaw the Funding, Treasury, Strategic Capital and Corporate Finance businesses. He is also on the board of Al Seef, a company operating mixed-use real estate development in the Dubai Creek area.

Having joined Meraas from Goldman Sachs, where he worked in the Investment Banking Division, he has also worked at UBS and Deutsche Bank, both in London and Dubai.

“We confirm that Edris Alrafi has stepped down from his position as CEO of Dubai Holding and will be succeeded by Dubai Holding’s CFO Amit Kaushal who has been with the company since April 2017,” said a report from The National, citing a spokesperson from Dubai Holding.

No reason was given for the departure.

Alrafi was the former chief commercial officer at Meraas and was appointed as CEO of Dubai Holding last year, replacing Fadel Al Ali. According to a statement at the time, he joined at a time when the company was focusing on a new organisational structure and debt management programme.

Dubai Properties, a unit of Dubai Holding, has also appointed Raed Al Nuaimi as CEO, following the departure of Abdulla Lahej, a separate statement said. Al Nuaimi was previously CEO of North25, a group managing projects across Dubai Holding and Meraas Holding.

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