Chief Commercial Officer Mohammed Al Mubarak becomes Deputy CEO

Abu Dhabi, United Arab Emirates, November 8, 2001: The Board of Directors of Aldar Properties, Abu Dhabi's leading property development, management and investment company, today announced that Sami Asad, currently Aldar's Chief Operating Officer, will succeed John Bullough as Chief Executive Officer following his retirement from the company. Mohammed Khalifa Al Mubarak, will act as Deputy Chief Executive Officer whilst continuing in his role as Chief Commercial Officer.

As Chief Operating Officer, Asad has been responsible for Aldar's significant portfolio across the full development spectrum, ensuring the successful delivery of projects such as the first phase of Yas Island ahead of the inaugural Formula 1™ Etihad Airways Abu Dhabi Grand Prix, the Souk at Central Market and Al Bandar, the first residential community at Al Raha Beach. Asad has also played an integral role in the expansion of the Company's third party project work capabilities.

Asad joined Aldar in 2008 as Technical Director and was promoted to the role of Chief Operating Officer in the same year following John Bullough's appointment as Chief Executive Officer. Before joining Aldar, Asad held the position of Deputy Vice President of Projects at Dolphin Energy for 5 years and has occupied various managerial positions at ADNOC during his 37 year career.

As Chief Commercial Officer, Al Mubarak has been integral to the development of the fast-growing Sales & Leasing, Property & Asset Management and Facilities Management units within the organization. Prior to joining Aldar, Al Mubarak worked with the globally recognized corporate and investment bank Barclays Capital in London.  A native of Abu Dhabi, he is a graduate of Northeastern University (USA), with a double Major in Economics and Political Science.

Commenting on the announcement, Ahmed Ali Al Sayegh, Chairman of Aldar Properties said:

''During his tenure as Chief Operating Officer, Sami Asad has been responsible for the delivery of our major development profile whilst as Chief Commercial Officer, Mohammed Al Mubarak has been responsible for the significant development of our operational capabilities.   

Their in-depth knowledge of the company and its projects as well as their experience make them the natural team to guide the business through the next stage of its evolution and together they will ensure the company continues to focus on its role as a key contributor to the Abu Dhabi 2030 plan.

We thank John for his significant commitment to Aldar and wish him well in what I am sure will be an active retirement.  His experience and contribution have been invaluable in the development of the company during his tenure as Chief Executive Officer and previously as Chief Operating Officer."

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About Aldar
Aldar Properties PJSC is Abu Dhabi's leading property development, management and investment company. It listed on the Abu Dhabi Securities market in 2004. Aldar was established to support Abu Dhabi's infrastructure through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities.      

Aldar's diverse property portfolio includes major developments and re-developments within Abu Dhabi including Yas Island, Al Raha Beach, Central Market, Al Falah, Motor World, Nareel Island, and Noor Al Ain. The company owns over 50 million square metres of land in strategic locations throughout the Emirate. 

For more information, please contact:
Mona Zayati          
Tel: +971 2 696 4729,
Mob: 050-4108400
Email: mzayati@aldar.com

© Press Release 2010