x Abu Dhabi, UAETuesday 16 January 2018

Finance chief steps down at Aldar

Aldar Properties' chief financial officer, Shafqat Ali Malik, is leaving the company.

Aldar Properties' chief financial officer of the past five years has resigned in the latest in a series of management changes at Abu Dhabi's largest developer.

Shafqat Ali Malik left to "pursue other opportunities", the company said in a brief statement filed on the Abu Dhabi Securities Exchange website. Mr Malik will continue with the company until the end of the month.

In addition to helping to develop the company's financial strategies, Mr Malik was responsible for information technology, business development and management of the company's "non-core operations", including theme parks, golf courses and marinas.

He helped to raise US$14 billion (Dh51.4bn) in global capital markets and led the formation of the Ferrari World, Hotels & Hospitality and Aldar Academies divisions of the company, according to his CV posted online.

Before joining Aldar in 2006, Mr Malik served as the finance director for Mapeley, aproperty investment and asset management company based in Guernsey.

Aldar declined further comment.

Last November, John Bullough, the company's chief executive, left and was replaced by Sami Asad, the chief operating officer.

In April Ahmed Ali Al Sayegh, who had served as chairman of the company since 2005, did not seek re-election to the board. He was replaced by Ali Eid Al Mehairi, the head of Mubadala Infrastructure, a unit of Mubadala Development, a strategic investment company owned by the Abu Dhabi Government.

Four other board members did not seek re-election at the time.

The board moves followed a new funding plan, announced in January, in which the Abu Dhabi Government bought Dh10.9bn of the company's infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and sold a Dh2.8bn convertible bond to Mubadala.