Nakheel Executive Appointed As Limitless CEO

Dubai property developer Nakheel has announced a number of new senior appointments while its fellow company Limitless has appointed a new CEO.

The ownership of both firms, which were previously part of Dubai World, was transferred to the government following a debt restructuring in 2011.

Limitless has appointed Mohammed Rashed Bin Dhabeah as the new CEO, who will also retain his position at Nakheel as managing director of development, according to a statement.

Dhabeah joined Nakheel in 2013 and have worked in several departments including design, engineering and construction. He has also overseen the development and delivery of a number of Nakheel projects including Jumeirah Islands and Jumeirah Village.

Mohammed Al Qassem has been appointed the managing director of Nakheel asset management and infrastructure, which covers all its master communities across Dubai.

Nakheel has also appointed Masood Al Zarooni to head its project construction division while Hamdan Al Falsai has been selected as the managing director of marine works and logistics, the statement said.

Nakheel chairman Ali Rashid Lootah said: “These new appointments reflect the need for a greater focus on specific development activities at Nakheel in order to meet our business needs, and open up more opportunities for young UAE nationals to take increasing responsibility with our leadership team.”

The Dubai developer posted a profit of Dhs2.57 billion in 2013, up 27 per cent on 2012. Revenues also rose 20 per cent to Dhs9.4 billion last year compared to Dhs7.8 billion in 2012.

Nakheel plans to launch projects worth between Dhs6-8 billion in 2014. The new launches would focus more on retail and hospitality developments, along with high-end residential projects, Lootah told reporters in January.

The developer has handed over around 7,600 units between the start of its restructure and the end of December 2013, including around 3,150 units last year.

Nakheel also said that it plans to repay nearly a third of its total bank debt in the first quarter of 2014, well ahead of maturity in 2015.