Shaibani to be­come head of Dubai is­land de­vel­oper Nakheel

Muscat Daily - - BUSINESS -

Top gov­ern­ment of­fi­cial Mo­hammed al Shaibani will take over as chair­man of the Dubai-based palm-shaped is­land de­vel­oper Nakheel, re­plac­ing Ali Lootah.

Shaibani, who is also chief ex­ec­u­tive of­fi­cer of In­vest­ment Corp of Dubai and di­rec­tor gen­eral of the city’s ruler’s court, will take over af­ter Lootah re­signed, Nakheel said in a state­ment.

Lootah, who steered the state-owned de­vel­oper through a US$10.5bn debt re­struc­tur­ing, left the com­pany af­ter ten years in the role. He will join the board of Dubai World, ac­cord­ing to the state­ment.

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