Abu Dhabi developer Aldar Properties has announced that it is to reduce its workforce by 24%, following a strategic review of operations.
“Aldar’s new strategic plan takes into account the existing market environment,” the company said in a statement today.
It will “selectively target new developments where there is demonstrable demand, and increase Aldar’s large-scale fee-based development activities.”
105 jobs will be cut as a result of the review process and some functions would be scaled back, the company said.
“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,” said Ali Eid AlMheiri, Chairman of Aldar Properties.
The builder of the Yas Marina Formula One circuit was bailed out by a $5.2 billion rescue package by Abu Dhabi earlier this year, but concerns have been raised about the government’s growing stake in the company.
Arabianbusiness.com: Aldar Properties to slash 24% of jobs, rein in operations
