Farewell to the esteemed Ali Lootah and hello to H.E. Mohammed Ibrahim Al-Shaibani. Nakheel has a new Chairman. JVT is one of Nakheel’s prized developments and our community wishes the new board of directors a successful tenure at the helm of Nakheel and its many ventures.

Mr Lootah’s resignation follows an invitation from H.H. Shaikh Ahmed bin Saeed Al Maktoum to assume a new position with the Dubai World Board.

Nakheel announced that the further changes to its board would be the addition of four new members: H.E. Mohammed Ibrahim Al-Shaibani, Mr. Sultan bin Sulayem, Mr. Khalifa Al Daboos and Mr. Issam Galadari, who will be appointed as directors to the board in addition to the current directors, Mr. Khalid bin Bakhit Al Falasi, Mr. Ibrahim Hussain Al Fardan and Mr. Adel Khalifa Al Shaer. The expanded, seven-member board will be chaired by H.E. Mohammed Ibrahim Al-Shaibani.

H.E. Mohammed Ibrahim 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.”

Read more here on Gulf Business.