The UAE’s highest listed property company, Aldar, is acquiring a new group operating model which will look to a parent company working above its core development and investment businesses.
The new model “promotes agility and accountability throughout the organization“, the company offered in a statement on Sunday evening.
“The new group operating model reflects Aldar’s growth and maturity and builds on the robust governance and exceptional talent we have on board,” said Talal Al Dhiyebi, Aldar’s group chief executive, said.
“The diverse and dynamic business we are today requires a more agile operating model that will enable our next phase of growth.”
For each of the core business divisions, new chief executives are being appointed.
Jonathan Emery will head Aldar Development, which is responsible for building out the company’s 75 million square meter land bank.
It will contain three subgroups named Aldar Projects, Aldar Ventures, and Aldar Egypt.
The venture arm will be liable for conveying the organization’s own networks and its charge-based advancement to the executive’s administrations, including the Dh45bn worth of government lodging and foundation projects it has been doled out. Aldar Ventures will focus to develop new business chances and the Egyptian arm will look at providing new mixed-use communities in the Arab world’s most populous nation.
Aldar Investment, headed by Jassem Busaibe, will supervise the managing of its Dh20bn portfolio of change in income assets. Its subgroups include schools business Aldar Education, Aldar Hospitality and Leisure, and the new Aldar Estates business. The hospitality and leisure arm will see into its 10 hotels harbored around Saadiyat and Yas islands, along with its golf courses, beach clubs, and marinas. The Estates arm, whereas, will combine its retail business with its residential and commercial real estate operations within the Provis property management business.
Along with organizing both businesses, the Aldar group business will hold corporate functions such as strategy, finance, and sustainability, people, legal, audit, and operations.
“This is a very exciting moment for Aldar and a very positive step towards the creation of a more sustainable future for the company,” Mr. Al Dhiyebi said.