Dubai: Nasser Al Shaikh, chairman of Deyaar Development, has resigned from his position just weeks after being replaced as head of Dubai's finance department.
Al Shaikh submitted his resignation at the end of last week but until it is officially approved by the board of directors, he remains chairman.
The reason for Al Shaikh's sudden resignation remains unclear but Deyaar said it will "convene shortly to consider its ratification of the same".
Gulf News was unable to reach Al Shaikh by phone on Sunday.
Deyaar's shares fell 6.5 per cent on Thursday and fell 6.9 per cent yesterday to close at Dh0.81.
It remains to be seen as to who will take the reins as Deyaar chairman if and when Al Shaikh's resignation is approved.
In his positions as Deyaar chairman and director general of finance in Dubai, he played an important role in ridding the emirate of alleged corporate corruption that had involved the arrest of prominent executives, including the former chief executive of Deyaar.
Markus Giebel, Deyaar's chief executive, could also not be reached for comment.
The move is the latest blow to Deyaar which is already trying to shift gear amid a sharp global market downturn.
The developer recorded a 73 per cent drop in net profits in first-quarter 2009 to Dh54.48 million, compared to Dh201.52 million in the same period last year.
Al Shaikh remains chairman of Amlak Finance and vice-chairman of National Bonds Corporation.
By Suzanne Fenton
© Gulf News 2009
