Dubai demotes finance director

Dubai on Monday night removed Nasser al-Shaikh as director-general of the department of finance, one of the most senior officials tasked with steering the emirate through the global financial crisis.

The emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, ap­pointed as the new director-general Abdul Rahman Saleh al-Saleh, the national news agency reported.

No reason was given for Mr Shaikh’s removal. But his demotion to assistant director of external affairs at the ruler’s court will prompt concern among the region’s business elite and the bankers helping to steer Dubai out of the current downturn.