Aldar chairman pleased with Sorouh merger
Abubaker Seddiq Al Khoori says Aldar’s performance stood out despite merger challenges
Abubaker Seddique Al Khoori, chairman of Aldar Properties
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Chairman of Aldar Properties, HE Abubaker Seddiq Al Khoori expressed delight at the Aldar – Sorouh merger, stating it has had a positive impact on the property developer’s operations as he launched the first three of the company’s 23 planned projects in Abu Dhabi.
“The merger has been good for us,” Al Khoori said. “We had challenges in terms of not only creating a strategy to ensure the merger works, but also ensuring our ongoing projects were completed in time.
“Not only did we manage to complete the projects, such as The Gates project in time, we are also in a position to ensure the newly-launched projects in Yas, Al Raha and Nareel Island can be self-funded,” he continued.
Al Khoori also added Aldar’s board members are yet to reach a decision about who should take over as CEO of the company, adding there may be an announcement about the same in the next three months.
“Aldar officials and board members, including myself, have actively been on the search for the company’s next CEO,” he said. “Over the last six months, we have rigorously scanned numerous candidates to potentially take over the position.
“Our top management comprises of excellent representatives, and I am hoping we may be in a position to make an announcement about the CEO in the next three months,” Al Khoori added.
While he refused to divulge any details about the project pricing strategies, Al Khoori said all future developments undertaken by Aldar in Abu Dhabi would be ‘carefully developed in line with market demand’.
“We are currently exploring 23 exciting real estate developments, excluding government projects, three of which have been announced today as part of the next phase of growth of our business. This exciting pipeline of real estate developments showcases our ability to monetise our land bank to increase cash flows, grow our recurring revenues and create value for our shareholders,” Al Khoori said.
