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Sun 21 Jun 2009 11:44 AM

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Deyaar Properties chairman resigns

The Dubai-based property developer gives no reason for the resignation of Nasser Al Shaikh.

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.

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)

Kaptain 10 years ago

The crunch is getting unbearable in this heat. The worst, as experts say, is yet to come, like in episodes, or perhaps the conspirators are checking which market was subtle and resilient and how to neutralise it with its venom through banking sector before overpowering and acquiring it. The property in the Emirate should now be listed as the expensive national treasure acquired at the higher cost of folly.

Geriant 10 years ago

This would be a useful bit of translation, because we are going to be hearing a lot more about this phenomenon.

John Thomas 10 years ago

Last week UP's CEO, this week Deyaar's Chairman- like I said last week: "one more bites the dust"!! And the Summer has just begun, comes Autumn all of them will have resigned and will never be heard from - they'll all be laying in a Mexico beach sippin' on a margherita on the investors dime "The fat lady has sung"!!!!