The UAE's biggest listed property company, Aldar, is adopting a new group operating model which will see a parent company sitting above its core development and investment businesses.
The new model "promotes agility and accountability throughout the organisation", the company said in a statement on Sunday evening.
“The new group operating model reflects Aldar’s growth and maturity and builds on the robust governance and exceptional talent we have on board," said Talal Al Dhiyebi, Aldar's group chief executive, said.
“The diverse and dynamic business we are today requires a more agile operating model that will enable our next phase of growth.”
New chief executives are being appointed to each of the core business divisions.
Aldar Development, which is responsible for building out the company's 75 million square metre land bank, will be headed by Jonathan Emery.
It will have three subsidiaries: Aldar Projects, Aldar Ventures and Aldar Egypt.
The projects arm will be responsible for delivering the company's own communities and its fee-based development management services, including the Dh45bn worth of government housing and infrastructure projects it has been assigned. Aldar Ventures will look to develop new business opportunities and the Egyptian arm will focus on delivering new mixed-use communities in the Arab world's most populous nation.
Aldar Investment, headed by Jassem Busaibe, will be responsible for managing its Dh20bn portfolio of recurring income assets. Its subsidiaries include schools business Aldar Education, Aldar Hospitality and Leisure and a new Aldar Estates business. The hospitality and leisure arm will look after its 10 hotels anchored around Saadiyat and Yas islands, as well as its golf courses, beach clubs and marinas. The Estates arm, meanwhile, will consolidate its retail business with its residential and commercial real estate operations within the Provis property management business.
As well as overseeing both businesses, the Aldar group business will handle corporate functions such as strategy, finance and sustainability, people, legal, audit and operations.
"This is a very exciting moment for Aldar and a very positive step towards the creation of a more sustainable future for the company," Mr Al Dhiyebi said.