Mystery surrounds quadruple departure of ex Dubai development boss Nasser Al Shaikh

The former chairman of Dubai developer Deyaar has quit two more jobs. High profile emirati business leader Nasser Al Shaikh, who resigned from Deyaar over the weekend, has now left his posts as a board director of Dubai Islamic Bank and chairman of education provider Taaleem, according to ArabianBusiness.com.

Last month he was removed from his post as the director of the Dubai government's finance department. No reason was given for his removal, which confused analysts, as Al Shaikh was in the midst of addressing Dubai's $80bn of debts and distributing the first $10bn tranche of the $20bn loan Dubai has secured from the UAE government.

A source close to Al Shaik is understood to have cited “personal reasons” for the resignations.

Deyaar, whose market value of $1.3bn makes it second only to Emaar Properties among Dubai developers, said recently that profit for the first quarter of 2009 had fallen to 55m dirhams ($15m), which was a 73% drop on 2008's figures. In the first quarter it also announced it was putting 25% of its schemes on hold.

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