The state owned conglomerate of the United Arab Emirates, Dubai World, announced the completion of a USD 25 billion debt restructuring in 2011. It had also announced the appointment of Ziad Makkawi as the new CEO of Istithmar World, its investment arm.

Makkawi is set to replace Andy Watson, who was at the helm of Istithmar from 2010 according to a statement issued by Dubai World. It added Watson would remain Dubai World's group managing director.

Makkawi brings to the position extensive experience in banking and investment in the Gulf region. Previously, he had set up Algebra Capital, the asset management firm in Dubai. He had sold the firm to Frank Templeton in 2010. He also had stints at Shuaa Capital and JP Morgan Chase.

Istithmar World has an extensive portfolio of consumer, financial and industrial services in both commercial and hospitality property sectors. Its assets include Atlantis Resort in Dubai, the entertainment group Cirque du Soleil and New York's Mandarin Oriental.