Nakheel chairman Ali Rashid Lootah has resigned, the Dubai-based property developer announced on Tuesday.

Lootah’s departure comes after the executive was invited by Dubai World chairman Shaikh Ahmed bin Saeed Al Maktoum to assume a new role with the investment company.

The top position will be filled by Mohammed Ibrahim Al-Shaibani, according to the master developer of The Palm Jumeirah.

Aside from Lootah’s resignation, the board of Nakheel will also undergo additional changes, as it adds four new members, including Mohammed Ibrahim Al-Shaibani, Sultan bin Sulayem, Khalifa Al Daboos and Issam Galadari.

The new members will be appointed as directors to the board, in addition to the current directors, Khalid bin Bakhit Al Falasi, Ibrahim Hussain Al Fardan and Adel Khalifa Al Shaer.

Nakheel has a huge real estate portfolio consisting of mega-developments, including The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Discovery Gardens, Dragon City and International City.

Mohammed Ibrahim Al-Shaibani acknowledged Lootah’s years of dedication to Nakheel. “[The company] has managed under the stewardship of Ali Lootah and his years of dedication to steady its course and return to profitability,” Al-Shaibani said.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020