Nakheel Executive resigns

Manal-Shaheen-NakheelMs Manal Shaheen, the most influential Chief Commercial Officer of Dubai-based Nakheel, has announced her departure from the developer at a time when the real estate developer has been facing tough time and its parent Dubai World is in talks with lenders for restructuring of debts worth $22 billion.

Meanwhile, the company declined to comment, though confirmed, the departure of Ms Shaheen. Shaheen has cited personal reasons behind the decision but the company has declined to reveal the exact causes of her resignation. Ms Shaheen is the second noticeable figure after Istithmar's Chief Executive, who resigned last month.

Shaheen played a vital role for promoting Nakheel. She actively participated for the company to develop a palm shape island. The firm also developed a large number of commercial and residential establishments besides many hotels and group of islands.

Meanwhile, Dubai Government declined to seek a senior creditor status in restructuring talks under way between Dubai World and lenders. The status, if provided, would make government eligible to get back money on preferential basis.

The Dubai government spokeswoman told," The government is committed to a fair and equal process, and we want to maximize recovery for all creditors."