ICD's Mohammed Al-Shaibani named chairman of Nakheel

Changes to the master-developer's board of directors includes appointment of four new directors including Al-Shaibani

Mohammed Ibrahim Al-Shaibani replaces Ali Rashid Lootah who resigned as the chairman of Nakheel.
Dubai Islamic Bank
Mohammed Ibrahim Al-Shaibani replaces Ali Rashid Lootah who resigned as the chairman of Nakheel.

Dubai-based master developer, Nakheel has announced the appointment of HE Mohammed Ibrahim Al-Shaibani as the chairman of its board of directors following the resignation of Ali Rashid Lootah, who led the role for 10 years.

HE Mohammed Al Shaibani is the director general of HH The Ruler’s Court, Government of Dubai and the chief executive officer of the Investment Corporation of Dubai (ICD), as well as the chairman of Dubai Islamic Bank, according to information published on the bank’s website.

A statement on Nakheel’s website revealed that following his resignation, Lootah has been invited by HH Shaikh Ahmed bin Saeed Al Maktoum to assume a new position with the Dubai World Board.

Further changes to Nakheel’s board comprised the addition of four new members including HE Mohammed Ibrahim Al-Shaibani; Sultan bin Sulayem; Khalifa Al Daboos; and Issam Galadari.

The new appointed directors will join the Nakheel board, current directors of which include Khalid bin Bakhit Al Falasi, Ibrahim Hussain Al Fardan, and Adel Khalifa Al Shaer.

The expanded, seven-member board will be chaired by H.E. Mohammed Ibrahim Al-Shaibani.

Speaking about the former chairman, HE Mohammed Ibrahim Al-Shaibani said: “Nakheel has managed under the stewardship of Ali Lootah and his years of dedication to steady its course and return to profitability.”

Earlier today, Construction Week cited a Bloomberg report, which revealed that Ali Lootah was stepping down from his role as the chairman. 

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