Deyaar Properties has not yet named a replacement for former chairman Nasser Al Shaikh.
Nasser Al Shaikh has resigned as chairman of real estate developer Deyaar Development, shortly after he was removed as Dubai’s director of finance last month.
Deyaar has offered no reasons behind Al Sheikh’s departure in a statement that was released today confirming the move. The firm has not named a replacement.
“The board of directors of Deyaar will convene shortly to consider its ratification of the same," the firm said, in a statement.
Deyaar saw net profits increase by 105% during the course of last year. However, the downturn in Dubai’s real estate sector has led to a drop in profits and some projects have been put on hold.
The company formally cancelled its Enclave project in Dubai’s IMPZ at the end of last week.
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