Deyaar chairman resigns

Nasser al Shaikh, the chairman of Deyaar Development, has submitted his resignation to the company's board of directors, Deyaar said in a statement this morning. The move comes just weeks after Mr al Shaikh was replaced as director general of the Dubai Department of Finance, where he was overseeing the distribution of funds to companies struggling to pay debts and finance operations in the wake of the global financial crisis. Government officials gave no reason for his replacement at the time, nor did Deyaar executives yesterday after announcing his intention to resign. Deyaar said its board of directors would "convene shortly to consider ratification" of his resignation. Mr al Shaikh is also listed as chairman of Amlak Finance and vice chairman of the National Bonds Corporation. [e-mail]