Mubadala's Fewer touted for Aldar CFO job

Abu Dhabi developer Aldar Properties is expected to name state fund Mubadala's Greg Fewer as its new chief financial officer, four sources said on Tuesday, in a further sign of the government taking up the reins of the troubled developer. Fewer, associate director for project and corporate finance at Mubadala, is due to replace Shafqat Malik, who resigned earlier this month. Three sources familiar with the matter said Fewer was expected to join Aldar as CFO. "A formal approval will be made by the board on Thursday," a fourth source added. Aldar declined to comment. Mubadala was not immediately available for comment. Abu Dhabi stepped in with $5.2bn of support for its struggling flagship developer in January with a plan that included the sale of its key assets such as the Ferrari World theme park, located on Yas Island. As part of the government rescue, Aldar was to place the planned issue of convertible bonds worth AED2.8bn ($762.3m) with Mubadala. Four out of Aldar's seven board members are from Mubadala. The fund owns 28 percent stake in Aldar according to its first-half financial statements. Real estate companies across the Gulf Arab region have been hit hard by the global financial crisis and the pain is set to continue for Dubai and Abu Dhabi developers, as oversupply and a slump in demand weigh on prices. Aldar's shares have fallen 56 percent year-to-date. They were trading flat on the Abu Dhabi bourse at 0615 GMT.