Chris O'Donnell, the chief executive who led the developer Nakheel through a period of unprecedented growth and struggles, has left the company.
Mr O'Donnell had completed the terms of his contract after five years, the company said. Sanjay Manchanda, the company's chief financial officer, has been named acting chief executive "until further notice".
Mr O'Donnell, an Australian, leaves as the company enters the final stages of restructuring US$10.5 billion (Dh38.56bn) of debt. More than 90 per cent of the company's creditors have agreed to a plan calling for repayment with a 40 per cent cash payoff and the rest in shares in a sukuk.
"His legacy is to save a developer in a difficult global market," said Ian Albert, the regional director of Colliers International. "Nakheel has survived."
Mr O'Donnell could not be reached for comment.
Many of Nakheel's major projects were already in the company's development pipeline when Mr O'Donnell arrived in 2006, including Palm Jumeirah and The World.
Mr O'Donnell was previously managing director of the Investa Property Group, one of Australia's largest listed commercial property companies. His CV also includes executive positions with Westpac Investment Property, Lend Lease Property Investment Services and Capital Property Group.
"My personal opinion is that when Dubai had a need to get things started and get things done at a very rapid pace, he was there to structure the company and set the course," said Robert Lee, Nakheel's former managing director of investment projects.
Mr O'Donnell brought in several executives from Australia, including two employees who were later accused of fraud.
At the height of the market Nakheel had more than 20 separate projects in developments and more than 3,500 employees. But when the global market collapsed Mr O'Donnell had to oversee the restructuring of the company, cancellation of projects and large-scale layoffs.
"He was certainly in a tough position," said Lashley Pulsipher, the company's former public relations manager. "But he was always very approachable, very inspiring."
Mr O'Donnell was known as an outgoing, friendly presence in the office, employees say.
"He was always very positive," said Dina al Hassan, the company's former brand manager. "He was always smiling, always very reassuring."
Mr O'Donnell's role in the company had diminished in recent months and it was widely believed he was on his way out. Once a frequent subject of interviews, he rarely spoke in public in the past year.
In March, Mr O'Donnell was not reappointed to the board as part of a wider management shake-up.
At the same time, Sultan Ahmed bin Sulayem, the long-serving chairman, was replaced by Ali Rashid Ahmed Lootah. Mr bin Sulayem is still the chairman of Dubai World, the parent company of Nakheel.
Even after the economic downturn started to shake property markets around the world, Nakheel continued to make announcements about new projects, including the Universe, another islands project, which was soon put on a back-burner.
In October 2008, the company announced plans to build Nakheel Tower in Dubai, which would be the tallest tower in the world at more than 1km, as part of the $38bn Nakheel Harbour and Tower Development.
Less than a year later, Nakheel acknowledged the tower project was on hold.
After halting development on most of its projects while debt was restructured, last year the company said it would restart work on several of them.
kbrass@thenational.ae
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Read more about the coronavirus
England squad
Joe Root (captain), Alastair Cook, Keaton Jennings, Gary Ballance, Jonny Bairstow (wicketkeeper), Ben Stokes (vice-captain), Moeen Ali, Liam Dawson, Toby Roland-Jones, Stuart Broad, Mark Wood, James Anderson.
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
