DUBAI, July 12 Abu Dhabi's largest real estate
company Aldar Properties has appointed Mohammed Khalifa Al
Mubarak as its CEO, the company said on Saturday, more than a
year after the merge of Aldar Properties and Sorouh Real Estate.
Al Mubarak had been serving as the deputy chief executive
and chief portfolio management officer of the company since
shareholders approved the merger in March 2013.
The company, which is majority state-owned by Abu Dhabi
government, said in a statement Al Mubarak had been the
driving-force behind many strategic initiatives, including the
development of Yas Island in Abu Dhabi as a sporting and tourist
"Having transformed Aldar into an exciting platform for
growth there is no better person to lead Aldar through the next
phase of development than Mohammed Al Mubarak," Aldar chairman,
Abubaker Seddiq Al Khoori, said.
The company said in April it will consider floating its
property management unit Khidmah through an initial public offer
of shares in coming years.
In February, the company said it would look to refinance 7.9
billion dirhams ($2.2 billion) of debt maturing this year, as
the developer reported a 79 percent jump in fourth-quarter net
profit 427 million dirhams.
($1 = 3.6728 United Arab Emirates Dirhams)
(Reporting by Sami Aboudi, editing by Louise Heavens)