Nakheel shakes up its management

By CW Staff  www.constructionweekonline.com

Nakheel has replaced its chairman, Sultan Ahmed bin Sulayem, and appointed a new board of directors.

The new chair is Ali Rashid Ahmed Lootah, vice chairman of Mashreqbank. The other new board members are: Khalid Mohamed Salem Bakheet, Khalil Issa Ahmed Awad, Adel Khalifa Al-Shair, and Ibrahim Hussein Al-Fardan.

Chris O’Donnell remains as chief executive officer of Nakheel, but will leave the board of directors.

Bin Sulayem, who remains as chairman of Nakheel parent Dubai World, said in a statement: “We welcome the new Nakheel board, which will work on the operational level, and will give it our full support.”

Last week, The Dubai Financial Support Fund said it would inject US $8 billion into Nakheel to help it start paying contractor debts and restart projects.

Dubai World is also reportedly close to agreeing on a deal with creditor banks.

Nakheel has several high profile unfinished projects, including the Palm Deira, The World and Dubai Waterfront.