Dubai Holding LLC CEO Fadel al-Ali and Vice Chairman and managing director Ahmad bin-Byat stepped down, Reuters reported March 30, citing the company.

A few days before the announcement, Dubai Emir Mohammed bin Rashid al-Maktoum named Abdulla al-Habbai chairman of what is al-Maktoum's investment company, the report noted.

Al-Ali joined the company in 2005 and also chairs Dubai Properties, Dubai International Capital and Dubai Group. In addition to his new role, al-Habbai is also the chairman of real estate developer Meraas Holding, while bin-Byat is director general of Dubai Creative Clusters Authority and chairman of du, according to the company website.