Dubai News: Chairman of State-Owned Developer Nakheel to Leave - Bloomberg:
Top government official Mohammed Al Shaibani will take over as chairman of the Dubai-based palm-shaped island developer Nakheel PJSC, replacing Ali Lootah.
Al Shaibani, who is also chief executive officer of Investment Corp. of Dubai and director general of the city’s ruler’s court, will take over after Lootah resigned, Nakheel said in a statement.
Lootah, who steered the state-owned developer through a $10.5 billion debt restructuring, left the company after 10 years in the role, Bloomberg reported on Monday. He will join the board of Dubai World, according to the statement.
Al Shaibani is one of four new board members, which also include former Nakheel Chairman Sultan bin Sulayem, Khalifa AlDaboos, and Issam Galadari, according to the statement. Lootah replaced Bin Sulayem as chairman in 2010.
Top government official Mohammed Al Shaibani will take over as chairman of the Dubai-based palm-shaped island developer Nakheel PJSC, replacing Ali Lootah.
Al Shaibani, who is also chief executive officer of Investment Corp. of Dubai and director general of the city’s ruler’s court, will take over after Lootah resigned, Nakheel said in a statement.
Lootah, who steered the state-owned developer through a $10.5 billion debt restructuring, left the company after 10 years in the role, Bloomberg reported on Monday. He will join the board of Dubai World, according to the statement.
Al Shaibani is one of four new board members, which also include former Nakheel Chairman Sultan bin Sulayem, Khalifa AlDaboos, and Issam Galadari, according to the statement. Lootah replaced Bin Sulayem as chairman in 2010.
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