Deyaar Properties chairman resigns

by John Irish Sunday, 21 June 2009

Deyaar Properties chairman Nasser Al Shaikh has resigned from his post, the Dubai property developer said in a statement on Sunday, without giving a reason.

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Al Shaikh was replaced in May as head of Dubai's Department of Finance after spearheading the launch of the emirate's $20 billion bond programme in February, a move aimed at easing worries state-linked companies could default on debts.
"The board of directors of Deyaar will convene shortly to consider its ratification of the same," it said in a statement.

Deyaar did not name Al Shaikh's replacement.

Al Shaikh remains chairman of Islamic mortgage lender Amlak and is an assistant to the director of the ruler's court for foreign affairs. (Reuters)



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