UAE developer Aldar Properties adopts new operating model

UAE developer Aldar Properties adopts new operating model

Abu Dhabi-based developer Aldar Properties has adopted a new operating model around two core businesses, it said in a statement on ADX where it is listed.Aldar Investment and Aldar Development will be led by their own chief executive officers, Jassem Busaibe as CEO of Aldar Investment and Jonathan Emery as CEO of Aldar Development, both reporting to the Group CEO, Talal al-Dhiyebi.Aldar Development will include three subsidiaries--Aldar Projects, Aldar Ventures and Aldar Egypt. It will build on Aldar's market-leading position and the 75 million square metres land bank it owns.Aldar Projects will be responsible for managing Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects.Aldar Ventures will incubate and nurture new business opportunities and innovation areas, while Aldar Egypt will focus on the Egyptian property market as a key market to develop integrated mixed-use communities.Aldar Investment will consist of the company's core asset management business and will focus on maximising the value of the company's diverse portfolio of AED 20 billion of recurring income assets as well as managing three core platforms, Aldar Education, Aldar Estates and Aldar Hospitality and Leisure.Aldar Education will include its entire educational portfolio, while the newly established Aldar Estates