Nasser al Shaikh, who last month was removed as Dubai's finance director, yesterday stepped down from three more government-controlled companies' boards following his departure from Deyaar on Sunday.
The Dubai Islamic Bank (DIB), the country's largest Islamic lender, said Mr al Shaikh had submitted his resignation from its board of directors.
He also stepped down as vice chairman of National Bonds and as chairman of Taaleem, the education provider, according to an aide. He remains chairman of Amlak, the country's largest Islamic lender by assets.
The DIB declined to give a reason for his departure and Mr al Shaikh could not be reached for comment. On Sunday, he also resigned as chairman of Deyaar, Dubai's second-largest property developer.
For eight months as head of the finance department, Mr al Shaikh was considered the public face of Dubai's financial world and the driving force behind the emirate's plans to tackle the global financial crisis.
He is widely credited for playing a crucial rule in easing investor fears about Dubai's US$80 billion (Dh293.84bn) debt burden.
The reasons for Mr al Shaikh's removal from his role as Dubai's chief financial architect and his resignation from the four board positions has not been explained. Some observers believe his unusually frank communication with the media and financial stakeholders may have alienated other senior members of the Dubai leadership.
Analysts said that, although investors might want to know the reasons behind Mr al Shaikh's resignations, of greater importance was the funding challenges facing Dubai and how the emirate deals with them.
Ali Khan, the managing director at Arqaam Capital, said investors were historically more concerned about transparency than personalities at a time of financial stress.
"Investors are more focused on the bigger picture, including economic stimulus programmes, banks' health and the fate of property, rather than designations."
There have been other high-profile corporate departures in Dubai recently, including Simon Azzam, the former chief executive of the developer Union Properties.
"We are going through significant changes and we will see significant responses," Mr Khan said. "It should not be surprising that we see changes at management levels as well."
In February, Mr al Shaikh announced the launch of the $20bn government bond programme designed to help Dubai's government-owned companies, notably its large developers, pay their creditors.
In one of his last public appearances he announced a support fund as a separate legal entity that would oversee distribution of the bond money, including a second tranche of $10bn.
After his dismissal Mr al Shaikh was assigned to the position of assistant director of external affairs at the diwan of the Ruler of Dubai, Sheikh Mohammed bin Rashid, who is also the Vice President of the UAE.
But it is unclear whether Mr al Shaikh has started in his new role.
The DIB is 30 per cent-owned by the Investment Corporation of Dubai. The bank owns 41 per cent of Deyaar. Dubai Islamic Bank shares closed 1.15 per cent higher yesterday.
uharnischfeger@thenational.ae
bhope@thenational.ae
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Scorline
Iraq 1-0 UAE
Iraq Hussein 28’
MATCH INFO
Maratha Arabians 107-8 (10 ovs)
Lyth 21, Lynn 20, McClenaghan 20 no
Qalandars 60-4 (10 ovs)
Malan 32 no, McClenaghan 2-9
Maratha Arabians win by 47 runs
COMPANY%20PROFILE%20
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Company%20Profile
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
COMPANY%20PROFILE
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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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Voy!%20Voy!%20Voy!
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Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Mohammed bin Zayed Majlis
Company%20Profile
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Indika
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Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Kill%20
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How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01