Ali Rashid Lootah
Ali Rashid Lootah is the chairman of Nakheel Properties, a leading development company in Dubai. He was appointed to lead Nakheel after the global economic crisis had caused financial problems in the company and restructuring of the company’s debts was proving tricky. He revamped Nakheel, restarting some of its development projects which were stalled prior to him taking the charge. He was specifically brought in by the UAE Government to put things in order. It showed the kind of confidence the country had in him.
Ali Lootah was born in Dubai and pursued his university education in the United States in civil engineering. When he came back to Dubai, he had aspirations to revolutionise the engineering discipline in the United Arab Emirates. He wanted to form an engineering society in the UAE that would act as a licensing and regulatory body for engineering practice. He was successful in establishing the UAE Society of Engineers with the help of a group of other Emirati engineers.
He started his career working in the UAE’s Ministry of Public Works, where he was later appointed as assistant under-secretary of the Ministry. While working for the Ministry, he oversaw some landmark development projects in the UAE, changing its desert landscape into a modern skyscape. Over the years, he has gained a deep insight into the construction business in UAE. He is also the vice-chairperson of Mashreq Bank.
Ali Rashid Ahmed Lootah currently holds various senior positions. He has 27 years of experience in the Federal Government of UAE, with his last post being assistant deputy minister of public works. He is a member of the board of Osool, a member of the UAE Civil Engineers Society and also an ex-member of the board of the Emirates Banks Association.
Nakheel is an inseparable part of Dubai’s stellar success story. Although, the company nearly defaulted on its debt payments in 2009, the company is back on the right track under Lootah as he guides Nakheel through its next phase of expansion. They were ready to hand over 3,000 units to customers in 2013. They also continue to meet their financial obligations as per the restructuring plan.