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Aldar Properties has developed a new strategic plan designed to focus on the core strengths of the business and ensure the company’s return to sustainable growth and recurring profitability.
Aldar will continue to concentrate on its core Abu Dhabi market and actively pursue its mission as a key contributor to the Vision 2030 plan. Aldar’s new strategic plan takes into account the existing market environment and is designed to reorganise and refocus the company’s business development efforts to deliver and increase the value of existing development projects and investment properties, selectively target new developments where there is demonstrable demand, and increase Aldar’s large scale fee based development activities, the company said in a statement.
By refocusing the business development efforts, Aldar will ensure efficient and targeted use of financial resources, improve the risk/reward profile of the development portfolio, increase fee based development and operating income streams and position the company to capitalise on future real estate market opportunities.
In developing its strategic plan, Aldar undertook a comprehensive review of the organisational structure of the business to realign the company to meet its objectives of sustainable revenue growth and recurring profitability, the statement added.
As a result of this review process, a number of new functions have been created, some functions have been expanded whilst other functions have been scaled back. In order to adapt the business to a less intense development schedule Aldar will reduce its work force by 105 people, which will constitute 24 percent of the organisation. Aldar will ensure all staff leaving the company receive full assistance and support.
Ali Eid Al Mheiri, Chairman of Aldar Properties "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. 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.
"We need to ensure that we have the appropriate size, structure and skills for the current and future environment and that this new structure creates more accountability and greater efficiency built around lean core teams, as well as an additional focus on key functions.
"Finally, I would like to extend my gratitude and warmest thanks to our colleagues that will be leaving us for their commitment and contribution to the company over the last few years. We will ensure the transition goes as smoothly as possible and that everyone receives the best possible support".
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