Mohammed Ibrahim Al-Shaibani has taken over as chairman of Nakheel following the resignation of Ali Rashid Lootah.
Lootah, who took on the place in 2010, has resigned following an invite from Sheikh Ahmed bin Saeed Al Maktoum to imagine a brand new place with the Dubai World board, a press release stated.
Nakheel is a Dubai-based property developer, accountable, amongst quite a few developments, for the development of Palm Jumeirah.
Al-Shaibani at the moment serves as the manager director and chief govt of the Funding Company of Dubai.
The company has holdings in main Dubai entities together with ENOC, Emirates Group, Emirates NBD and Emaar Properties.
“Nakheel has managed underneath the stewardship of Ali Lootah and his years of dedication to regular its course and return to profitability,” Al-Shaibani stated.
Nakheel additionally introduced additional adjustments to its board, with different new members together with Sultan bin Sulayem, Khalifa Al Daboos and Issam Galadari.
They are going to be appointed as administrators to the board along with the present administrators, Khalid bin Bakhit Al Falasi, Ibrahim Hussain Al Fardan and Adel Khalifa Al Shaer.
The Nakheel portfolio consists of 19 retail initiatives with a mixed 17 million sq. foot of leasable house.