The restructuring follows MoU with ADQ to develop $8bln of capital projects
Abu Dhabi-based developer Aldar Properties has adopted a new operating model around two core businesses, it said in a statement on ADX where it is listed.
Aldar Investment and Aldar Development will be led by their own chief executive officers, Jassem Busaibe as CEO of Aldar Investment and Jonathan Emery as CEO of Aldar Development, both reporting to the Group CEO, Talal al-Dhiyebi.
Aldar Development will include three subsidiaries--Aldar Projects, Aldar Ventures and Aldar Egypt. It will build on Aldar’s market-leading position and the 75 million square metres land bank it owns.
Aldar Projects will be responsible for managing Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects.
Aldar Ventures will incubate and nurture new business opportunities and innovation areas, while Aldar Egypt will focus on the Egyptian property market as a key market to develop integrated mixed-use communities.
Aldar Investment will consist of the company’s core asset management business and will focus on maximising the value of the company’s diverse portfolio of AED 20 billion of recurring income assets as well as managing three core platforms, Aldar Education, Aldar Estates and Aldar Hospitality and Leisure.
Aldar Education will include its entire educational portfolio, while the newly established Aldar Estates will consolidate retail operations alongside existing residential and commercial real estate operations.
Aldar Hospitality and Leisure will look after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat. Aldar is the builder of Abu Dhabi's Formula One circuit.
Last month Abu Dhabi’s Executive Council approved a framework between Abu Dhabi Government and Aldar Properties for the development of capital projects in the emirate.
The decision followed the recommendation of the council to establish a public-private partnership framework for the development of capital projects in the emirate and the subsequent Memorandum of Understanding (MoU) signed between ADQ and Aldar Properties.
The framework includes Aldar taking on the management of 30 billion dirhams worth of major projects such as Riyadh City, Baniyas North and developments in the Al Ain and Al Dhafra regions.
Aldar closed trading Sunday slightly lower at 3.48 dirhams.
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