Nakheel appoints Manchanda as CEO

Appointment comes as developer enters new phase of delivery of projects

Nakheel has confirmed the appointment of Sanjay Manchanda as the new CEO of the company, it was announced on Wednesday.

The move to appoint a new head for the company comes as the real estate developer enters a new phase of its development, with a renewed focus on the delivery of new and existing community projects across Dubai.

Manchanda was previously a partner with PriceWaterhouseCoopers and has been acting CEO of Nakheel since June 2011. He was seconded to the troubled real estate developer in October 2010 as chief financial officer, playing a leading role in the wake of the global economic downturn.

Earlier this year, Nakheel repaid $57m to lenders as part of its five year debt restructuring plan.

In July 2011, the builder of Dubai’s man-made Palm islands, secured the approval of all its bank creditors to restructure its $10.5bn debt.

The company was bought under direct government control as part of the restructuring of its parent company, Dubai World.

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