Talal Al Dhiyebi elevated to chief executive following November 12 board meeting
Aldar Properties, the Abu Dhabi-based property development company, has named a new chairman and CEO.
The developer announced key changes to the company’s board, with Talal Al Dhiyebi – who had been serving as chief development officer since February 2015 – elevated to CEO, while Abubaker Seddiq Al Khoori has been named as the new vice-chairman.
The decision was made at the November 12, 2017 board meeting, where the directors of the company appointed Mohamed Khalifa Al Mubarak as chairman.
The board also elected Waleed Ahmed Al Mokarrab al Muhairi as its new member.
In its comments, the Aldar board said that the appointment of Al Mubarak was consistent with the company’s efforts to implement high standards of corporate governance.
On Al Dhiyebi’s elevation, the board said it believed that this was exactly the right time for him to step into the role of Aldar CEO and is confident that he will continue to guide the company to further success.
In a statement announcing its financial results for the nine months to September 30, Aldar said that its total development sales reached $653.3 million, while for the last three months, the developer registered a net profit of $163 million. The revenue for the period reached $498.2 million, while gross profits were $160 million.
The developer explained that that these figures represented underlying year-on-year revenue growth of 27% and 38% gross profit growth, excluding one-off transactions in the third quarter of 2016. It added that it had posted $164.4 million in development sales during the quarter while its total development sales surged to $653.3 million in the nine months to September 30.
Underlying property development revenue rose 192% to hit $134.2 million, driven by revenue recognition of off-plan properties under development, said Aldar in its statement, pointing out that it had witnessed a steady performance of asset management portfolio with $98 million net operating income for Q3 and $304.9 million year to date.
“Aldar has delivered another set of solid results. The exceptional response to our new development, Water’s Edge, launched at Cityscape Global, cements our reputation for delivering desirable destinations in Abu Dhabi,” said Mohamed Khalifa Al Mubarak, chairman of Aldar.
“Our asset management business delivered a resilient performance during the quarter and we are pleased to be acquiring International Tower, a high-quality office building, further strengthening the portfolio. Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues,” he added.