The executive board of Nakheel was completely reshuffled today, reported Reuters. The Dubai government said in a statement the new board would help prioritize property projects, many of which have been put on hold since the beginning of the Financial Crisis.
Ali Rashid Ahmed Lootah was appointed chairman, replacing Sultan Ahmed bin Sulayem who is also chairman of Dubai World and a major name in Dubai’s corporate landscape. Lootah, who comes from a well-known merchant family, associated with Dubai Islamic Bank.
The move comes in result of parent company Dubai World’s debt restructuring plan announced last week.
Dubai plans to pour $8 billion into Nakheel if creditors agree its plan to give lenders their money back in five to eight years, and to repay two key bonds.
Nakheel is the largest property firm in the Middle East.
