Dubai World in further staff shuffles

Four Nakheel executives have transferred to Istithmar World

Members of Nakheel management will have to get new business cards printed after Eid following a boardroom shuffle at Dubai World.

In a statement issued on Thursday, Dubai World confirmed four Nakheel executives would transfer to sister company Istithmar World as part of the ongoing restructuring.

“As part of an ongoing organisational operational restructuring process within the group, selected hotel and real estate assets and the management teams related to these assets, primarily in international markets, have been transferred to Istithmar World,” said Dubai World in a statement.

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As part of the shuffle, Hamza Mustafa, who as managing director of Nakheel Leisure took over Lesiurecorp in June, has become managing director of Istithmar World. Joining him will be Andy Watson as chief investment officer, Binod Narasimhan as chief financial officer, and Sandesh Pandhare as managing director of private equity. All four have moved over from Nakheel and will answer to David Jackson, CEO, Istithmar World.

Meanwhile, Joe Sita, CEO, Nakheel Hotels, has left the company to pursue ‘other opportunities’.