Nakheel today announced changes to its board following the resignation of its chairman, Ali Rashid Lootah. Mr Lootah’s resignation follows an invitation from H.H. Shaikh Ahmed bin Saeed Al Maktoum to assume a new position with the Dubai World Board.

Nakheel announced that the further changes to its board would be the addition of four new members: H.E. Mohammed Ibrahim Al-Shaibani, Mr. Sultan bin Sulayem, Mr. Khalifa Al Daboos and Mr. Issam Galadari, who will be appointed as directors to the board in addition to the current directors, Mr. Khalid bin Bakhit Al Falasi, Mr. Ibrahim Hussain Al Fardan and Mr. Adel Khalifa Al Shaer. The expanded, seven-member board will be chaired by H.E. Mohammed Ibrahim Al-Shaibani.

H.E. Mohammed Ibrahim Al-Shaibani said: “Nakheel has managed under the stewardship of Ali Lootah and his years of dedication to steady its course and return to profitability. On behalf of the new board, I would like to thank Ali and wish him the best of luck in his new role. He will undoubtedly bring his energy, drive and commitment to his new role and responsibilities.”