Aldar to reduce workforce by 24 percent
Abu Dhabi-based developer Aldar Properties, said in a statement posted on the Abu Dhabi bourse website on Monday, it will cut its workforce by 24%, or 105 people. The company is implementing a new strategic plan that will see Aldar refocus its business to adapt to a changed market environment.
“Aldar’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 Aldar’s large scale fee based development activities,” the developer said.
“In order to adapt the business to a less intense development schedule Aldar will reduce its workforce by 105 people, which will constitute 24% of the organization,” it added.
Aldar’s shares closed up 3.9% at AED1.07 on the Abu Dhabi market Sunday. Dubai market ended on positive note too.
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