Nakheel restructured its top management and announced changes to its board after the resignation of its chairman Ali Lootah, the company said on Tuesday. Mr Lootah's resignation follows an invitation from Dubai Civil Aviation Authority chief executive and Dubai World chairman Sheikh Ahmed bin Saeed to take up a new position on the Dubai World board.
The Dubai developer, known for projects like The Palm Jumeirah and Deira Island, appointed four new board members, expanding the total number to seven. The new appointees are Mohammed Al Shaibani, Sultan bin Sulayem, Khalifa Al Daboos and Issam Galadari. The seven-member board will be chaired by Mr Al Shaibani, the company said.
"Nakheel has managed under the stewardship of Ali Lootah and his years of dedication to steady its course and return to profitability," Mr Al Shaibani said.
“On behalf of the new board, I would like to thank Ali and wish him the best of luck in his new role. He will undoubtedly bring his energy, drive and commitment to his new role and responsibilities.”
Mr Al Shaibani is Director General of the Ruler's Court, Government of Dubai, as well as executive director and chief executive of Investment Corporation of Dubai and chairman of Dubai Islamic Bank.
He also serves as a board member of Dubai World and Dubai Aerospace Enterprise, in addition to being the Vice Chairman of the Supreme Fiscal Committee of Dubai and the Deputy Chairman of Expo 2020 Dubai.
Mr Al Shaibani is also the president of Dubai Office, a private management office for the Ruling Royal Family of Dubai – a post he has held since 1998. In this capacity, he was based in London for eight years and now oversees the functioning of this office from Dubai, according to his biography on Dubai Islamic Bank's website.
Nakheel is a member of the new higher committee for real estate announced by Sheikh Mohammed Bin Rashid, Vice President and Ruler of Dubai, in September last year. The committee works to provide a better supply balance in the emirate's real estate market through greater collaboration between government-related entities and private-sector companies.
Dubai's real estate market has slowed after a drop in oil prices that began in 2014, and has been further pressured by an oversupply of properties. Residential real estate prices dropped by 5.97 per cent last year, according to data from consultancy Reidin.