Nakheel’s Ali Rashid Lootah resigns and moves to Dubai World

Departing chairman thanked as HE Mohammed Ibrahim Al-Shaibani takes lead of expanded seven-member board

Nakheel has announced changes to its board following the resignation of its chairman Ali Rashid Lootah.

Lootah’s resignation follows an invitation from HH Shaikh Ahmed bin Saeed Al Maktoum to assume a new position on the Dubai World board, said the developer in a statement.

An expanded, seven-member board will now be chaired by HE Mohammed Ibrahim Al-Shaibani.

Nakheel is also adding four new members to its board: HE Mohammed Ibrahim Al-Shaibani, Sultan bin Sulayem, Khalifa Al Daboos and Issam Galadari, who 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 managed under the stewardship of Ali Lootah and his years of dedication to steady its course and return to profitability,” said HE Mohammed Ibrahim Al-Shaibani. “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.”

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