DXB Entertainments (DXBE), the operator of Dubai Parks and Resorts, appointed its chief financial officer Remi Ishak as acting chief executive.
Mr Ishak will replace Mohamed Almulla at the helm of the company starting from January 1, the company said in a filing to the Dubai Financial Market on Thursday. He will also continue his duties as chief financial officer, a position he took up in April.
The acting chief executive will "focus on ensuring the smooth continued operations of the company while the board of directors continues its search for a permanent CEO," DXBE said.
The leadership change comes as the company mulls an offer by Dubai property company Meraas, which owns more than half of DXBE, to buy the remaining shares and take it private.
Mr Ishak has more than a decade of experience in leadership roles in the property and hospitality sectors.
The company said it accepted the resignation of Mr Almulla but did not provide a reason for his departure.
“Mr Almulla and the team at DXB Entertainments have created a world class asset that has become an integral part of the UAE’s tourism ecosystem,” the company said in a statement. “Under his leadership, DXB Entertainments has transitioned from the construction phase to the operational phase and has achieved several important milestones.”
On December 30, DXBE said it will hire KPMG and Shuaa Capital as financial advisers and Allen & Overy as legal adviser to evaluate Meraas' buyout offer.
Meraas Leisure and Entertainment and its parent Meraas Holding currently have a 52.29 per cent stake in the company. They have offered to acquire the company's debt worth Dh4.26 billion ($1.16bn) and convert a $1.48bn bond in return for newly issued shares in the business. This would increase its ownership to 93.92 per cent. Following this, it is proposing to buy out minority shareholders and take the company private.
DXBE posted a loss of Dh1.06bn for the first nine months of this year and its total accumulated losses reached more than Dh6.2bn as of September 30.
Dubai Parks and Resorts, which opened in October 2016, comprises three separate theme parks including Legoland Dubai, Bollywood Parks Dubai and a Motiongate theme park.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
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ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
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- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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