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FINANCIAL NEWS
Abu Dhabi’s Aldar board mulls assets sales
26 Dec 2011
(MENAFN) Abu Dhabi-based Aldar Properties board will meet soon to discuss asset sales as the developer tries to float amid property market downturn, Reuters reported.
Analysts expected assets to include properties such as the Yas Hotel and other development projects under construction.
The developer has already sold assets to the Abu Dhabi government, including its Ferrari World theme park and the Yas Marina Formula One circuit.
Aldar in January unveiled plans to sell USD1.49 billion worth of assets to the government to meet debt obligations.
Aldar was rescued by Abu Dhabi government in January with a USD5.2 billion package in exchange for USD762 million in convertible bonds to Mubadala and the sale of assets.
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