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Nakheel’s new board eyes quick recovery

28 Apr 2010

(MENAFN) A new board has been assigned for Nakheel, the property unit of debt-laden conglomerate Dubai World, in order to provide better financial control over the firm’s capital and revise its operational activities, Reuters reported.

Chairman of the Supreme Fiscal Committee, Sheikh Ahmed bin Saeed Al Maktoum, said that the new board aims to lead to quick recovery.

In March, Dubai sacked the board of Nakheel at the heart of its debt problems and removed its high-profile chairman, installing largely unknown names unconnected to the emirate’s rapid-fire growth period.

The overhaul at Nakheel comes in the wake of its parent company’s $9.5 billion rescue package at the end of March, aimed at restructuring $26 billion debt linked to the conglomerate and its property units.

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