Aldar, Abu Dhabi reach funding framework

15 Jan 2011

(MENAFN) Aldar chairman, Ahmed Ali al Sayegh, said that the company would conduct sales on its properties and would issue bonds as well under a new funding framework with the Abu Dhabi Government, reported The National.

Under the new framework, the chairman said Aldar would sell infrastructure assets on Yas Island worth $2.96 billion as well as $1.1 billion of residential units and land. He said that the company would also issue a $0.5 billion of convertible bonds to Mubadala Development.

The chariman said that this agreement would strengthen the company’s capital structure and provide it with a stable and sustainable platform so that the company would continue to capture commercial opportunities to deliver revenue to shareholders.

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