Chris O'Donnell, the chief executive who led the developer Nakheel through a period of unprecedented growth and struggles, has left the company.
Mr O'Donnell had completed the terms of his contract after five years, the company said. Sanjay Manchanda, the company's chief financial officer, has been named acting chief executive "until further notice".
Mr O'Donnell, an Australian, leaves as the company enters the final stages of restructuring US$10.5 billion (Dh38.56bn) of debt. More than 90 per cent of the company's creditors have agreed to a plan calling for repayment with a 40 per cent cash payoff and the rest in shares in a sukuk.
"His legacy is to save a developer in a difficult global market," said Ian Albert, the regional director of Colliers International. "Nakheel has survived."
Mr O'Donnell could not be reached for comment.
Many of Nakheel's major projects were already in the company's development pipeline when Mr O'Donnell arrived in 2006, including Palm Jumeirah and The World.
Mr O'Donnell was previously managing director of the Investa Property Group, one of Australia's largest listed commercial property companies. His CV also includes executive positions with Westpac Investment Property, Lend Lease Property Investment Services and Capital Property Group.
"My personal opinion is that when Dubai had a need to get things started and get things done at a very rapid pace, he was there to structure the company and set the course," said Robert Lee, Nakheel's former managing director of investment projects.
Mr O'Donnell brought in several executives from Australia, including two employees who were later accused of fraud.
At the height of the market Nakheel had more than 20 separate projects in developments and more than 3,500 employees. But when the global market collapsed Mr O'Donnell had to oversee the restructuring of the company, cancellation of projects and large-scale layoffs.
"He was certainly in a tough position," said Lashley Pulsipher, the company's former public relations manager. "But he was always very approachable, very inspiring."
Mr O'Donnell was known as an outgoing, friendly presence in the office, employees say.
"He was always very positive," said Dina al Hassan, the company's former brand manager. "He was always smiling, always very reassuring."
Mr O'Donnell's role in the company had diminished in recent months and it was widely believed he was on his way out. Once a frequent subject of interviews, he rarely spoke in public in the past year.
In March, Mr O'Donnell was not reappointed to the board as part of a wider management shake-up.
At the same time, Sultan Ahmed bin Sulayem, the long-serving chairman, was replaced by Ali Rashid Ahmed Lootah. Mr bin Sulayem is still the chairman of Dubai World, the parent company of Nakheel.
Even after the economic downturn started to shake property markets around the world, Nakheel continued to make announcements about new projects, including the Universe, another islands project, which was soon put on a back-burner.
In October 2008, the company announced plans to build Nakheel Tower in Dubai, which would be the tallest tower in the world at more than 1km, as part of the $38bn Nakheel Harbour and Tower Development.
Less than a year later, Nakheel acknowledged the tower project was on hold.
After halting development on most of its projects while debt was restructured, last year the company said it would restart work on several of them.
kbrass@thenational.ae
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Dunbar
Edward St Aubyn
Hogarth
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Meydan card
6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed