Nov. 8 (Bloomberg) -- Aldar Properties PJSC, Abu Dhabi’s biggest property developer, appointed Chief Operating Officer Sami Asad to become the company’s third chief executive officer in four years.
“During his tenure as chief operating officer, Sami Asad has been responsible for the delivery of our major development profile,” Chairman Ahmed Ali Al Sayegh said in an e-mailed statement today. Asad will replace John Bullough who quit last week.
Aldar, which is building thousands of homes and offices across Abu Dhabi, has been hurt by slumping sales and about 26 billion dirhams ($7.08 billion) of outstanding debt. The deepest global financial crisis since the 1930s led property prices in Abu Dhabi to slump by more than 30 percent from their peak in mid 2008.
Aldar announced Bullough’s resignation after two years at the helm. Bank of America Merrill Lynch said on Nov. 4, Aldar will need 9.8 billion dirhams by 2011 to “survive” as the U.A.E.’s real-estate market recovers. The company’s shares have dropped 55 percent this year.
Aldar sold assets on Yas Island, an entertainment and tourism development off Abu Dhabi’s coast, to the emirate’s government for 9.14 billion dirhams, it said in March. The company is due to announce third-quarter earnings tomorrow, it said in the statement. The median estimate of three analysts surveyed by Bloomberg is for a loss of 215 million dirhams. That would be Aldar’s fourth loss in a row.
Asad joined Aldar in 2008, the company said. Mohammed Khalifa Al Mubarak will act as deputy chief executive officer while continuing in his role as chief commercial officer, Aldar said in the statement.
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