Managing director of DXB Entertainments, Raed Kajoor Al Nuaimi, has left his position with the Dubai-based provider of leisure and entertainment destinations and experiences.
Al Nuaimi was previously CEO of DXB Entertainments PJSC. In May, DXB revealed that Al Nuaimi would be leaving this and taking responsibility of a new entity handling Dubai Holding and Meraas Holding developments. At the time it was announced he would remain as managing director and executive member of the board of directors at DXB Entertainments.
His resignation is effective immediately. Al Nuaimi will remain a non-executive member of the board of directors.
The company has appointed Mohamed Almulla as his replacement. Almulla previously held the position of CEO at Arab Media Group (AMG) – a unit of Dubai Holding. He oversaw all three of its major business units including Arabian Radio Network, Done Events and Global Village. He was also previously director of Dubai Media City.
DXB Entertainments opened Dubai Parks and Resorts in late 2016. It announced a wider-than-expected loss in the first quarter of the year – Dhs292m, compared with a loss of Dhs38m in Q1 2016.
The loss “reflects the normal trajectory of a business in its early phase of development, as well as Dhs71m in pre-operating expenses,” said Al Nuaimi during the announcement of his resignation.
The company has also confirmed its plans to cut operational costs by 20 per cent this year, compared with initial projections.