Deyaar new Chairman Nasser Al-Shaikh

[ressan]

Press Release 29 March 2008:

Nasser Al-Shaikh named Chairman of Deyaar A meeting of the Board of Directors of Deyaar Development (DEYAAR), the region's fastest growing real estate company, was held today to review the resignations of Deyaar Chairman, H.E. Dr. Mohammed Khalfan Bin Kharbash, and H.E. Sultan Saeed Al-Mansoori - Minister of Economy and Industry - Vice-Chairman of Deyaar. Following acceptance of both resignations, the Board announced the appointment of H.E. Nasser Bin Hassan Al-Shaikh and Mr. Abdullah Ibrahim Lootah as new members of the Board, where both appointments to be presented to the company's upcoming Annual General Meeting. The Board meeting, in its new structure, also decided to appoint H.E. Nasser Bin Hassan Al-Shaikh as the Chairman of Deyaar Development and H.E. Khalid Mohammad Ali Al-Kamda as Vice-Chairman. The Board applauded the efforts of Dr. Kharbash and Al-Mansoori during their tenure with Deyaar and wished them success in their future endeavors. Commenting on his new appointment, H.E. Nasser Bin Hassan Al-Shaikh said: 'I would like to take this opportunity to thank H.E. Dr. Mohammed Bin Kharbash and H.E. Sultan Al-Mansoori - Minister of Economy and Industry - for their great efforts during the past years, which lead Deyaar to become one of the fastest growing real estate companies in the region.' He added: 'Deyaar is an aspiring entity in the real estate sector and I am confident that with the foresight of my fellow Board members and the dedication of the team we will soon fortify the position of the company and take it to new heights.' H.E. Nasser Bin Hassan Al-Shaikh currently chairs the Board of Amlak Finance, Madaares, in addition to being the Vice-Chairman of National Bonds Corporation; Board member of Dubai Real Estate Corporation (Government of Dubai); Board member of Dubai Islamic Bank (DIB); and Board member of Dubai Aerospace Enterprise (DAE).