Nakheel announced changes to its board of directors on Tuesday following the resignation of its chairman, Ali Rashid Lootah.
Lootah's resignation follows an invitation from Shaikh Ahmed bin Saeed Al Maktoum to assume a new position with the Dubai World Board.
Nakheel announced that further changes to its board would include addition of four new members:
- Mohammed Ibrahim Al Shaibani
- Sultan bin Sulayem
- Khalifa Al Daboos
- Issam Galadari
They will be added as directors to the current board comprising Khalid bin Bakhit Al Falasi, Ibrahim Hussain Al Fardan and Adel Khalifa Al Shaer.
The expanded, seven-member board will be chaired by Mohammed Ibrahim Al Shaibani, the statement added.
Commenting on the development, 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."