Dubai Holding, the investment vehicle of the emirate's ruler, has promoted two members of management to the roles of managing director and chief executive, the company said.

CEO Ahmad Bin Byat has been promoted to vice-chairman and managing director, according to a statement by Dubai Holding, which is owned by Sheikh Mohammed bin Rashid al-Maktoum.

Byat holds several other positions in Dubai, including chairman of telecoms provider du and director general of Dubai Technology and the Media Free Zone Authority, according to the Dubai Holding website.

Chief operating officer Fadel Al Ali will take over as CEO, it said.

Ali is also chairman of the board at investment firm Dubai International Capital and is a board member of du, the Dubai Financial Services Authority, Emaar Properties and hotel operator Jumeirah Group, it said.

The company holds assets valued at Dh130 billion ($35.39 billion), it said in the statement.-Reuters