Nakheel appoints new Chief Executive Officer

Chris O'Donnell will join Nakheel in June 2006 from the Investa Property Group, where he has been Managing Director since December 2000. Based in Australia, Investa Property Group is a property investment, management and development company, which under O'Donnell's leadership has quadrupled in size in the last five years, and is now Australia's largest listed owner of commercial property. Prior to managing the Investa Property Group, O'Donnell has held a number of senior executive roles including Executive Director of Westpac Investment Property Limited, Lend Lease Property Investment Services Limited and Managing Director of Capital Property Group.

The announcement follows the recent appointment of James Wilson to Chief Executive Officer, Nakheel Hotels & Resorts, and his continued role in leading on the delivery of The Palm Jumeirah.

Sultan Ahmed bin Sulayem, Executive Chairman Nakheel said,

'We are delighted to announce the appointment of Chris O'Donnell to the role of Chief Executive Officer Nakheel. Chris brings more than 25 years experience in the real estate business, and in the space of five years managing the Investa Property Group has turned a small property investment business into one of Australia's leading integrated property solution providers.'

'2006 is perhaps Nakheel's most important year to date with the delivery of the first residences on our signature project The Palm Jumeirah, and our first overseas investments and developments. Following Chris's appointment, James Wilson will now be in position to focus on this delivery, and to use his extensive experience and expertise as a hotelier to spearhead our international expansion with Nakheel Hotels & Resorts.'