DAMAC, the real estate development company, has announced that Hamdallah Al Maktoum, the son of Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Vice President and Prime Minister of the UAE, will be appointed as its new chairman.
Al Maktoum is set to take over from his father who has been serving in the position since 2016. The appointment comes after a period of uncertainty following the death of his father in November 2020.
The announcement was made by DAMAC’s parent company, Emaar Properties, which also revealed some key statistics about Al Maktoum’s background and experience.
According to DAMAC, Al Maktoum is a graduate of the University of Cambridge and holds a degree in economics. He is also a member of the board of directors of the United Arab Emirates’ National Investment Corporation (NICA) and has served on various other boards and committees.
In addition to his business acumen, Al Maktoum is known for his philanthropic work and has donated millions of dollars to support education and healthcare initiatives in the UAE.
The announcement of Al Maktoum’s appointment has caused a stir among investors and analysts, with many speculating that he may bring fresh ideas and strategies to DAMAC’s operations. However, it remains to be seen how he will shape the future of the company and what impact he will have on its performance.
Overall, the appointment of Al Maktoum as DAMAC’s chairman is likely to have significant implications for the company’s operations and strategy moving forward. It remains to be seen whether he can build upon the successes of his father and lead DAMAC to greater heights.