UPDATE 2-Mubadala's Fewer touted for Aldar CFO job - sources
* Aldar shares down 4 pct to record low (Adds analyst comment, share price, background)By Stanley Carvalho and Rachna UppalABU DHABI, Oct 18 (Reuters) - Abu Dhabi group Aldar Properties will likely appoint state fund Mubadala’s Greg Fewer as chief financial officer, sources familiar with the matter said, in a further sign of the government taking up the reins at the troubled developer.Fewer, associate director for project and corporate finance at Mubadala, will replace Shafqat Malik who resigned on Oct. 6., three sources told Reuters on Tuesday.“A formal approval will be made by the board on Thursday,” a fourth source said. Aldar was due to hold a board meeting on Oct. 20 to appoint a new CFO.Aldar declined to comment. Mubadala was not available for comment.“If Fewer is confirmed … it would give Mubadala greater control over Aldar, over and above the absolute share ownership. And it, arguably, confirms or even enhances the probability of additional external support should Aldar require it in the future,” said Chavan Bhogaita, head of markets strategy unit at National Bank of Abu Dhabi.Aldar shares were down 2.0 percent to 0.98 dirham at 1035 GMT, just above a record low at 0.96 dirham seen earlier. The stock is down 56 percent this year, and more than 90 percent below a 2008 peak.“In the UAE markets, many private companies like Aldar are highly influenced by the government. This is worrying foreign investors. The interest of minority shareholders are not protected and equity holders feel their shares are being diluted,” a real estate analyst said, speaking on condition of anonymity.An Aldar Funding 5.767 percent convertible bond due Nov. 10 , with $959 million outstanding, was bid at 98.907.REAL ESTATE PAINAbu Dhabi stepped in with $5.2 billion of support for its struggling flagship developer in January with a plan including the sale of its key assets such as the Ferrari World theme park, located on Yas Island.As part of the rescue, Aldar was to place the planned issue of convertible bonds worth 2.8 billion dirhams (762 million) with Mubadala.Four out of Aldar’s seven board members are from Mubadala which owns a 28 percent stake, 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 has returned to profit in 2011 after reporting record losses last year, taking writedowns of 11.3 billion dirhams in 2010, 10.8 billion of which was booked in the final quarter.Analysts polled by Reuters on average expect third-quarter profit of 140 million dirhams.