Bloomberg News

Abu Dhabi’s Aldar Says Chief Financial Officer Malik Quit

October 06, 2011

(Updates with share price in fourth paragraph.)

Oct. 6 (Bloomberg) -- Aldar Properties PJSC, an Abu Dhabi developer that’s had three chief executive officers in four years, said Chief Financial Officer Shafqat Ali Malik resigned.

Malik will continue in his role until the end of October, the company said in a statement to the Abu Dhabi bourse today. Aldar is in the process of selecting a replacement to Malik, who quit to “pursue other opportunities,” it said.

Aldar, which is building thousands of homes and offices across the United Arab Emirates’ capital Abu Dhabi, in January agreed to sell assets including a Ferrari theme park and convertible bonds to the Abu Dhabi government for 19.2 billion dirhams ($5.23 billion) to pay creditors. Property values and rents slumped in the U.A.E. after banks curtailed lending and speculators left the market during the global recession.

Aldar reported a profit of 127.3 million dirhams in the second quarter after a loss of 475.3 million dirhams a year earlier. The shares have dropped 51 percent this year, compared with a 8.3 percent decline in the benchmark ADX General Index.

--Editors: Inal Ersan, Andrew J. Barden

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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