x Abu Dhabi, UAEWednesday 24 January 2018

Aldar cuts staff amid restructuring

Abu Dhabi's largest developer has laid off 24 per cent of its staff as part of a restructuring.

Due to a "less intensive development schedule," the workforce was reduced by 105 people, the company said in a statement.

The company expects to focus more on property management and asset management as it readjusts its business in the wake of the property downturn. A number of new functions have been created and some functions have been expanded as part of the restructuring, the company said.

"The main objective of this new strategic direction is to return Aldar to long term growth and ensure ongoing value creation for all our stakeholders," said Ali Eid AlMheiri, chairman of Aldar Properties in a statement. "Aldar is already recognised as a master developer and we aim to build on that position whilst strengthening our development management and asset management capabilities."

In January Aldar announced a funding plan under which the Abu Dhabi Government would buy Dh10.9 billion of the company's infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and issue a Dh2.8bn convertible bond.