Aldar Properties has appointed Mohammed Khalifa al-Mubarak as CEO. He previously held the position of deputy CEO and chief portfolio management officer.

Since joining Aldar in 2006, Al-Mubarak has worked on a number of key projects including the development of Yas Island the merger with the local Sorouh Real Estate , and most recently the launch of three new property schemes.

Al-Mubarak is also the chairman of Farah Leisure (the operator of Ferrari World Abu Dhabi and Yas Waterworld), a board member of Abu Dhabi Tourism and Culture Authority and chairman of Aldar Academies.

Aldar’s outlook for the future has improved over the past year after the merger with Sorouh and Abu Dhabi recovers from the 2008 and 2009 slump in its property market. In June, it repaid a $1.25bn bond, as the property developer continues to deleverage and reduce its borrowing costs.

For the first quarter of 2014, profits rose 194 per cent to AED453m ($123.33). The profit growth was driven by the handover of infrastructure and units to the government and residential customers, as well as higher recurring revenues from its hospitality and investment property portfolio.