Aldar Properties to cut 105 - almost a quarter - jobs

Aldar Properties will reduce its workforce by 105 people, which constitutes 24 per cent of the organization, after having adopting a new strategic business plan, the company said on Monday.

The Abu Dhabi-listed real estate developer said it will continue to concentrate on its core market (Abu Dhabi) and actively pursue its mission as a key contributor to the Vision 2030 plan.

In a statement, Ali Eid Al Mheiri, Chairman of Aldar Properties said: "The main objective of this new strategic direction is to return Aldar to long term growth and ensure ongoing value creation for all our stakeholders. We need to ensure that we have the appropriate size, structure and skills for the current and future environment and that this new structure creates more accountability and greater efficiency built around lean core teams, as well as an additional focus on key functions.”

The company said that it would ensure all staff leaving the company receive full assistance and support.

Earlier this month, Aldar’s chief financial officer Shafqat Ali Malik had resigned.

Matthew Green, head of research and consultancy at CBRE Middle East, told Emirates 24/7: “A number of government-owned developers are restructuring as they move away from their sales-based approach. We have seen in the past that developers are reducing their staff strength to adopt to the new market realities.”

Aldar said the company’s new strategic plan takes into account the existing market environment and is designed to reorganise and refocus the company’s business development efforts to deliver and increase the value of existing development projects and investment properties, selectively target new developments where there is “demonstrable” demand, and increase its large scale fee based development activities.

According to a company spokesperson, Aldar has delivered 1,445 units in Al Muneera and is contuining with the delivery of 1221 units in Al Zeina project.

“We will commence delivery of Al Falah from first quarter which will continue over the year.”

The 12.5 million square metre master planned development will have 4,887 villas.

The spokesperson added that Aldar was  also aiming at finishing work on the Yas water park by end of next year.