Country: United Arab Emirates

Industry Sector: Real Estate

Description:

The Supreme Committee supervising Dubai World and its subsidiaries announced this morning, the formation of a Board of Directors for Nakheel.

Comments:

The Supreme Committee supervising Dubai World and its subsidiaries announced this morning, the formation of a Board of Directors for Nakheel.

The board will be chaired by Ali Rashed Ahmed Lootah, and its members include: Khalid Mohamed Salem Bakheet, Khalil Issa Ahmed Awad, Adel Khalifa Al-Shair, and Ibrahim Hussein Al-Fardan.

The board of Directors will immediately start working on enhancing Nakheel's abilities to implement the proposed restructuring plan unveiled last Friday. The Board shall work on a number of main projects, which will be chosen according to the company's future priorities, and will ensure it continues to meet its various obligations. The Board will also ensure Nakheel's ability to reach a quick and balanced recovery, to return to activity, and to regain its position and role as an important component of the national economic system.

The Board of Directors will also work on monitoring and acting on all possible opportunities that may open up new horizons for the company. Nakheel is considered one of the biggest real estate developers in the world which portfolio includes a number of mega projects, most notably, the Palm Islands.

This announcement comes days after the unveiling of a restructuring plan for Nakheel and its parent company, Dubai World.