Abu Dhabi's Aldar Properties has appointed Greg Fewer, an executive at state fund Mubadala which helped bail out the developer earlier this year, as its new chief financial officer, it said on Thursday.
Reuters reported on Tuesday that Fewer was the likely candidate for the job, in a further sign of the government taking up the reins at the troubled developer.
Fewer will start his new role on Nov 1, Aldar said. He replaces Shafqat Malik who resigned on Oct 6.
Fewer, who has previously worked with Barclays Capital and Canadian Imperial Bank of Commerce , is the deputy head of the structured finance and capital markets unit for Mubadala, Aldar said in a statement.
He is also responsible for managing Mubadala's investment in Mubadala GE Capital.
In January, Abu Dhabi stepped in with $5.2 billion of support for its struggling flagship developer. The rescue plan included the sale of its key assets such as the Ferrari World theme park, located on Yas Island.
As part of the rescue, Aldar was to place the planned issue of convertible bonds worth Dh2.8 billion (762 million) with Mubadala.
Four out of Aldar's seven board members are from Mubadala which owns a 28 percent stake, according to its first-half financial statements.