Deyaar replaces Al Shaikh

Real estate developer Deyaar Properties has appointed Abdulla Al Hamli as the firm’s new chairman, a week after Nasser Al Shaikh unexpectedly stepped down.

In a meeting of the board of directors, Deyaar decided to accept the resignations of Al Shaikh and board member Khaled Al Mass, a statement posted on the bourse website said, according to the Reuters news agency.

The company also elected and appointed Fahd bin Fahd and Mohammed al-Nahdi as board members, replacing two members who have also resigned.

Al Hamli is chief executive of Dubai Islamic Bank, which has a 41 percent stake in Deyaar.