Tuesday, 30 March 2010
Nakheel replaces chairman, names new board
Dubai Tuesday replaced Sultan Ahmed bin Sulayem as chairman of struggling property developer Nakheel as it tries to manage the $10.5 billion debt pile made under his leadership.
The government appointed a new board and named Ali Rashid Ahmed Lootah as the new chairman, replacing bin Sulayem, who is also chairman of government-owned conglomerate Dubai World.
"The new board will work on strengthening Nakheel's capabilities in line with the proposed restructuring plan that was announced," a statement from the media office of Dubai's ruler said.
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