Abdulla al-Habbai, the current chairman of Meraas Holding, has been chosen to be chairman of Dubai Holding, the investment vehicle of the emirate’s ruler, it has been has announced.

Habbai was chosen by Sheikh Mohammed bin Rashid al-Maktoum to be chairman of the investment conglomerate, which has a portfolio of assets worth $35 billion across 20 countries, according to a statement on the Dubai ruler’s website.

Habbai will continue as chairman of Meraas Holding, a major real estate developer that is also controlled by Sheikh Mohammed, and which has played a major role in developing and expanding Dubai’s luxury real estate and tourism offerings.

Amongst its many projects, are the high-profile Bluewaters Island, Jumeira Bay, Pearl Jumeira, City Walk and The Beach. The developer has also launched DXB Entertainments, a subsidiary that has built a theme park and water park complex on the outskirts of the city, which aims to attract additional tourists to Dubai.

Mohammed Abdullah al-Gergawi, Dubai Holding’s previous chairman, resigned in February explaining that he wished to work full-time for the UAE government, where he is Minister of Cabinet Affairs and in charge of Strategy Development.

Gergawi had been chairman of Dubai Holding since it was founded in 2004.

Within the emirate of Dubai, the investment conglomerate operates a wide range of business parks, in addition to assets in tourism, telecommunications and other sectors.