An undisclosed number of staff were made redundant on 9 February, with five confirmed within the firm’s asset management division.
A spokesman for the company says “Nakheel continues to readjust its current business objectives to match supply and demand in the most effective way. Last month, Nakheel merged a number of its business units, which are now undergoing resource restructuring to ensure efficiency and optimisation of skill and talent”.
Following the decision to consolidate a number of business units, Marwan al-Qamzi will now be the managing director of Palm Jebel Ali and Dubai Waterfront. These two projects previously had their own managing directors, with Al-Qamzi running Palm Jebel Ali and Matt Joyce heading the Dubai Waterfront project.
Adnan al-Naqi is now the managing director for Nakheel Northern Coastal Projects, which includes the company’s offshore projects in northern Dubai, Palm Deira, Mina Rashid and The World. Hamza Mustafa will head Nakheel Leisure. He was previously managing The World project (MEED 26:1:09).