Aldar Properties last night announced the appointment of Sami Asad as its new chief executive ahead of the publication of its earnings today, which are expected to reveal losses for the third-quarter.
Mr Asad, previously the chief operating officer, succeeds John Bullough who announced his resignation last week as part of what the company called a "long-planned retirement". Aldar's financial statements will be revealed this morning, the company said.
Mr Asad started at Aldar as a technical director in 2008 and was promoted to the role of chief operating officer the same year alongside his predecessor, Mr Bullough. He was previously the vice president of projects at Dolphin Energy and held roles at ADNOC before that.
Mohammed Khalifa al Mubarak was appointed the deputy chief executive and will also continue as the chief commercial officer.
The change at the top of the company comes at a crucial time for Abu Dhabi's largest developer. Analysts predict the company will suffer a loss in the third quarter.
Aldar faces steep funding challenges and will need support in the order of Dh9.8 billion (US$2.66bn) by the end of this year to continue operating, a report from Bank of America Merrill Lynch says. Aldar has more than $3.8bn of debt maturing next year.
The company is in the middle of a major transformation from a developer of off-plan properties to an asset and development management company.
Aldar has taken on new work to accommodate for the lack of new sales by developing Emirati housing for the Urban Planning Council for a fee, and managing the development of the Masdar Institute of Science and Technology.
Ahmed Ali al Sayegh, the chairman of Aldar, said last night of the appointments: "Their in-depth knowledge of the company and its projects, as well as their experience, make them the natural team to guide the business through the next stage of its evolution and together they will ensure the company continues to focus on its role as a key contributor to the Abu Dhabi 2030 plan."
