Dubai property developer Deyaar chairman resigns

Dubai Property developer Deyaar chairman Nasser al-Shaikh has resigned from his post, the Dubai property firm said in a statement on Sunday, without giving a reason.

Shaikh was replaced in May as head of Dubai's Department of Finance after spearheading the launch of the emirate's $20 billion bond programme in February, a move aimed at easing worries state-linked companies could default on debts.

"The board of directors of Deyaar will convene shortly to consider its ratification of the same," it said in a statement.

Deyaar did not name Shaikh's replacement.

Shaikh remains chairman of Islamic mortgage lender Amlak and is an assistant to the director of the ruler's court for foreign affairs.

Shares of Deyaar were down 1.5 percent at 0712 GMT in line a drop in the Dubai index.

"Al Shaikh is a respected entity in the industry but this news is unlikely to have any major impact on Deyaar's stock price until the reasons for his exit are made public," said Mohammad Ali Yasin, managing director at Shuaa Securities.

Pre-inspection of residences commences at Liberty House

ETA Star announced the commencement of the pre -inspection of the residences in Liberty House. Designed to be a distinctive and prominent architectural landmark in the Dubai International Financial Centre, the soaring forty-two storey structure consists of eight floors of spacious open plan offices, above which are twenty nine floors of luxurious apartments. With close to 140 offices and 220 residences, Liberty House stands tall at one of the prime locations in Dubai.

The residences area starts from 448sq ft. and ranges up to 1724sq ft area. All the residences are fitted with the best of the Italy and Belgium furniture. The studio furnishing includes a king size bed with Italian leather around the bed and the headboard, a love seat sofa made of Grande Ville Textured Fabric from the Mills in Italy, a lounge chair, coffee table and a side table, a full length mirror, a night stand and a reading desk with two chairs. One and two bedroom apartments have 2 seater sofa with cushion, TV stand, Dining table, dresser, bar table, standing lamp and night lamp. The furniture comprises of leather, black oak and frosted glass to gives the entire apartment a contemporary yet sophisticated look.

Dubai International financial Centre has multiple advantages, including being at a strategic location, and almost equidistant between the financial centres of Asia and Europe.

Mr. Abid Junaid stated that, "With modern design using a select palette of high quality materials and finishes both inside and out, ownership of these apartments will add significant value to the quality of life of our residents. We look forward to welcome more members to our family with this delivery"