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Dubai developer Nakheel appoints new CEO

By Reuters Staff

2 Min Read

FILE PHOTO: The logo of Nakheel is seen on at the entrance of its office in Dubai, United Arab Emirates July 27, 2017. REUTERS/Alexander Cornwell

DUBAI (Reuters) – Dubai state developer Nakheel has appointed Naaman Atallah as its new chief executive, it said on Sunday, filling a position that had been left vacant since Sanjay Manchanda stepped down in March.

Atallah, recruited from fellow state developer Dubai Properties, joins at a tough time for a Dubai property market in which supply has outstripped demand for much of the past decade and has come under additional pressure this year from the coronavirus crisis.

Nakheel, the developer of the emirate’s palm shaped islands, was among the worst hit by Dubai’s 2009-2010 real estate crash, forcing it into a massive debt restructuring

Mohammed al-Shaibani, managing director of Dubai’s state fund, was appointed chairman of Nakheel in January while retaining his position at the Investment Corporation of Dubai.

Nakheel, developer of the emirate’s palm shaped islands, was one of the worst hit by Dubai’s 2009-2010 real estate crash, forcing it into a massive debt restructuring.

Sources told Reuters in July that Nakheel was in talks with banks to refinance outstanding debt.

Writing by Alexander Cornwell; Editing by David Goodman

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