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Nakheel’s bin Sulayem replaced in senior management shakeup
Ali Rashid Ahmed Lootah takes over role at troubled property company.
March 30, 2010 3:26 by Ben Flanagan
Sultan Ahmed bin Sulayem has been replaced as chairman of Nakheel, with Ali Rashid Ahmed Lootah named as his successor, as part of a major shakeup of the board of the troubled property company.
Sultan Ahmed bin Sulayem remains in his position as chairman of Dubai World, the developer’s parent company.
Bin Sulayem welcomed the new Nakheel board, saying in a statement that its members will have the conglomerate’s “full support.”
The changes come less than a week after Dubai launched plans to restructure $26 billion in Dubai World debt.