Dubai News: Chairman of State-Owned Developer Nakheel to Leave - Bloomberg:
Nakheel PJSC Chairman Ali Lootah, who steered the Dubai state-owned developer through a $10.5 billion debt restructuring, is leaving after 10 years in the role, according to people with knowledge of the matter.
Lootah was hired as head of the developer of the palm-shaped islands in 2010, replacing Sultan Ahmed Bin Sulayem. The people asked not to be identified because the matter isn’t public.
A spokeswoman for Nakheel declined to comment.
Nakheel was at the center of Dubai’s debt crisis in 2009 that pushed the emirate to the brink of a default. After receiving support from the government, it now has billions of dirhams of projects and infrastructure development underway.
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