Ali Rashid Lootah to reportedly step down as Nakheel chairman
Lootah took up the role replacing Sultan Ahmed Bin Sulayem in 2010 and led Nakheel through a $10.5bn debt restructuring
Chairman of Dubai-based master developer Nakheel, Ali Rashid Ahmed Lootah is reportedly stepping down from his role after having served for 10 years, a Bloomberg report revealed.
Bloomberg cited people with the knowledge of the matter, who asked not to be identified because it has not been made public. Lootah took up the role replacing Sultan Ahmed Bin Sulayem and steered the developer through a $10.5bn (AED38.6bn) debt restructuring.
Construction Week has reached out to a spokesperson for Nakheel, and will update the story if and when they comment.
Nakheel recorded a profit of $12.bn (AED4.38bn) in 2018, which dropped from $1.54bn (AED5.67bn) a year earlier, the report said.
In November 2019, Lootah had opened a $46m (AED169m) retail complex and multi-storey car park at Dragon City, which according to the Dubai Media Office is a four-level complex. The development features approximately 150 shops and kiosks across 1.097ha of ground floor retail space, with 900 parking bays above.
Construction Week reported that, the complex was built to meet growing customer demand at Dragon Mart, where more than 1,700 Chinese tradesmen and women operated 5,000 shops, restaurants, and entertainment outlets.
In December 2019, the developer reportedly announced the appointment of Shatha Saif Al Suwaidi as the managing director of infrastructure project construction.