Nakheel appoints Manchanda as CEO

Dubai developer Nakheel, whose flagship projects include islands in the shape of palm trees, has appointed Sanjay Manchanda as chief executive officer (CEO), the company said in a statement on Wednesday.

Manchanda had been acting CEO since June 2011, prior to which he was seconded to the firm as chief financial officer and played a leading role in the company’s financial restructuring.

Nakheel, a unit of Dubai World, was forced to separately negotiate a restructuring agreement with creditors, after running into debt troubles in the wake of the global economic downturn and a collapse of Dubai’s property market.