Published: May 21, 2010
Emirate investment body's CFO ends two-year term.
The chief financial officer of the Investment Corporation of Dubai (ICD), the investment arm of the Gulf Arab emirate, is to leave his position.
Nicholas Hegarty is stepping down as his two-year fixed term comes to an end, making him the second director to do so in the past month.
In April, the ICD’s managing director, Abdulaziz al-Muhairi, quit his post to take up a new role within the investment body.
The ICD is one of the emirate's three conglomerates. One of the others is Dubai World, which has reached a deal in principal to restructure US$14.4bn of its loans.
The deal, which needs the approval of the banks, offers repayment in five or eight years while allowing its creditors to opt for a government shortfall guarantee or a higher payment in kind coupon.