Nakheel appoints Manchanda as CEO

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Dubai developer Nakheel has appointed Sanjay Manchanda as CEO.

Dubai developer Nakheel has appointed Sanjay Manchanda as CEO.

Dubai developer Nakheel, whose flagship projects include islands in the shape of palm trees, has appointed Sanjay Manchanda as CEO, the company said in a statement on Wednesday.

Manchanda had been acting CEO since June 2011, prior to which he was seconded to the firm as chief financial officer and played a leading role in the company's financial restructuring.

Nakheel, a unit of Dubai World, was forced to separately negotiate a restructuring agreement with creditors, after running into debt troubles in the wake of the global economic downturn and a collapse of Dubai's property market.

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Posted by: Tommy

Who cares intl media?

Obviously, everything will be forgotten and generalised in a decade or two as a need of the hour. Who knows, guys grumbling today drop and go would come back to spend their retired life in these freeholds purchased by own generation.

Recession is a bitter pill only for the patient while physician enjoys bitterfully at the back of his mind. Time for give and take to improve the market. Ultimately, that is what going to feed us back.

Posted by: The Consultant

Tommy, "give and take" will not improve the market. The only thing that will improve the market is the implementation of clear, consistent and sensible rules that provide genuine investor protection. That includes forcing all developers to fully implement Owners Associations and forcing them to justify any costs they want to pass on in the service charges.

Unlike some other leading figures in the Gulf property business, Mr Manchanda is a sensible chap who understands the genuine grievances that owners hold against Nakheel. I don't envy him doing his job with that knowledge in mind.

Posted by: Tommy

Problem of currency or money, you cannot keep it in the trunk for long time. Every single market is in trouble. Hope we analyse the markets and palce our funds in any economy that can bounce back with minimum stimulation.

Let us not forget, the same entities were so flexible to accept the requests in supporting the financial backups even if you call them selfish to widen their business. Prior to 2007, this place was so profitable simultaneouly safe and secure without any compromise, compared to developed nations.

This crisis is unfortunate and never spared anyone in the world. Advantage, Dubai has every topclass infrastructure in place combined with business friendly authorities (unfair to talk only 2007 - 2012, think golden period as well) to bounce back if everyone accepts little pinch. If we accept the reality and worktogether this economy will pay back without any doubt. The more we try to tarnish the brand name, the more we loose. Negative once but any more.

Posted by: Kelly

I have no idea what you're talking about Tommy.

Posted by: John

Actually, Tommy, international investors care about international media, because the international media reports the facts about Dubai. Foreign investors follow trends, and the ongoing one about Dubai is to avoid using your own money. As for retiring in Dubai, it is too expensive, there is no security and the golf green rates are off the map.

Posted by: realiste

Hope so too, but he has been acting for well over a year.
Plus look at his reporting line. Nuff said!

Posted by: Annie

I hope he gets the Palm Jebel Ali back on track and avoids all the negative UK press coverage.

Posted by: John

Hopefully Mr Manchanda will be able to have his own voice and actually confront head on the awful challenges facing Nakheel, which is the lightning rod in the international media for all things negative about Dubai. He has but one chance, so good luck to him.

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