EFTA02427643.pdf

To: jeevacation@gmail.com[jeevacation@gmail.com] From: Farkas, Andrew L. Sent: Wed 3/31/2010 1:32:41 PM Subject: Fw: Bin Sulayem replaced as Nakheel chairman From: Garrison, Frank To: Farkas, Andrew L.; Cohen, Jeffrey; Carleton, George Sent: Wed Mar 31 06:11:46 2010 Subject: Fw: Bin Sulayem replaced as Nakheel chairman From: Michael Horrigan < To: Garrison, Frank; Lande, Mark Sent: Wed Mar 31 03:48:33 2010 Subject: Fw: Bin Sulayem replaced as Nakheel chairman You guys probably already know this but just to make sure - here you go. From: Katrin Mueller To: Michael Horrigan; lain Bell; Matthew Bate Sent: Wed Mar 31 11:38:36 2010 Subject: Bin Sulayem replaced as Nakheel chairman FYI Bin Sulayem replaced as Nakheel chairman by ReutersThis email address is being protected from Spam hots, you need Javascript enabled to view it on Tuesday, 30 March 2010 Dubai swept out the board of indebted property firm Nakheel and replaced its high profile chairman on Tuesday, in the wake of parent company Dubai World's $9.5 billion rescue plan. Nakheel, builder of man-made islands in the shape of palms and a map of the world, will get a new board and chairman as the developer pushes ahead with projects. Ali Rashid Ahmed Lootah was appointed chairman, replacing Sultan Ahmed bin Sulayem who is also chairman of Dubai World and a major name in Dubai's corporate landscape. EFTA_R1_01496867 EFTA02427643 Lootah is listed as a vice-chairman of Dubai's Mashreq Bank on the lender's website. The changes come less than a week after Dubai launched plans to restructure $26 billion in Dubai World debt. "They have done the financial restructuring and now it's time for the administrative restructuring, so it's a natural progression," said Mohammed Yasin, chief executive at Shuaa Securities. "Without changes to management, the restructuring would have been half done. "The challenges are still big for Nakheel but putting new money after bad money does not ensure success. It's the management that ensures success." Nakheel claims to be the largest property firm in the Middle East and was the unit within Dubai's dense constellation of government-related entities that threatened to scupper over six years of rapid expansion that thrust Dubai on the world stage. The Dubai government said in a statement the new board would help prioritise property projects, many of which have been put on hold since Dubai's boom turned to bust. (Reuters) Katrin Muller Marketing Manager Mounan Mannas IGY PO Box. 211592 Dubai. U.A.E T: +971 4 449 8400 F: +971 4 449 8401 E: RmueliergmoularrnannaS corn brA Phyaso consider tho onvoronmont boforo you print this oroad. Information from ESET NOD32 Antivirus, version of virus signature database 4986 (20100330) The message was checked by ESET NOD32 Antivirus. EFTA_R1_0 1496868 EFTA02427644 http: . kl .CSCt.00111 This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. EFTA_R1_01496869 EFTA02427645