Aldar Shifts Focus To Abu Dhabi

Aldar Properties, Abu Dhabi's top property developer by market value, will focus on projects in the emirate for the next five years, looking to weather the sharp downturn in its local market, Aldar's chief said. I think we've got at least the next nine months of continuing great caution and flat market performance here," Aldar Chief Executive John Bullough told the Reuters Global Real Estate Summit on Tuesday. "And I think market-matching quality and location is going to be really critical factors for the next year. Of state-controlled Aldar's singular focus on Abu Dhabi, Bullough said: "Right now, for the foreseeable future, I guess we're talking about a five-year minimum time horizon. The stance is a turnaround from a year ago, when Bullough's predecessor, Ronald Barrott, said Aldar was looking at acquisitions in the US and Europe. He also said Aldar was negotiating a number of new projects as it continued its transition towards becoming an asset manager.