Dubai World's latest board of directors got together for the first time yesterday to start reconfiguring the government-owned company following a debt worth US$24.9 billion (Dh91.45bn) for the restructuring pact this year.

Last week, Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai, placed Sheikh Ahmed bin Saeed Al Maktoum in the post of chairman, in place of Sultan bin Sulayem, who had been the chairman of the board since the company's very inception in 2006.

According to an e-mailed statement by the Government, the meeting discussed about strategy for the upcoming phases of the company, and Sheikh Ahmed bin Saeed affirmed that the board was committed to implement a programme that increases the strength of the performance of the company and its subsidiaries according to accurate scientific data.

Dubai World made an agreement last September regarding its debt restructuring, making way for the new board and a new plan for moving the company ahead.

The conglomerate has possession of some of the most treasured assets in Dubai, also comprising of the global ports operator DP World. Via its private-equity subsidiary, Istithmar World, the conglomerate is the owner of stakes in the US discount retailer Loehmann's.