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Mubadala man takes Aldar top spot

By Gregor Hunter  www.thenational.ae

Aldar Properties has elected a new chairman from the top ranks of Mubadala Development to replace Ahmed al Sayegh, the company’s departing leader.

Al Raha BeachAbu Dhabi’s largest property developer will be chaired by Ali Eid al Mehairi, a UAE national who heads Mubadala Infrastructure.

The change was announced at the company’s annual meeting on Yas Island yesterday.

“On behalf of the new board, I would like to take this opportunity to thank the departing board members who have served the company since February 2008,” Mr al Mehairi said.

Mubadala, a strategic investment company owned by the Abu Dhabi Government, holds a 27.7 per cent stake in Aldar.

This year, after Aldar posted losses of Dh12.6 billion (US$3.43bn) for 2010 following impairments and fair value changes, the developer issued a Dh2.8bn convertible bond to Mubadala. If converted, the bond would bring Mubadala’s stake to between 50 and 54 per cent, analysts say.

An appointment from Mubadala did not come as a surprise to the market, said Majed Azzam, a property analyst at Alembic HC Securities. “Given the increased ownership, it would make sense for any investor with such a substantial stake in a company to have someone on the board,” Mr Azzam said.

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