Aldar gets $4.6billion boost
F1 circuit builder given $4.6 billion boost - Aldar Properties said the Abu Dhabi government will pump money into the company
Aldar Properties said the Abu Dhabi government will pump money into the company in exchange for waterfront property and other assets.
Yesterday's deal follows an injection of $5.2 billion in emergency funds into Aldar earlier this year.
As part of the latest $4.6 billion transaction, Abu Dhabi will take control of 760 villas at the company's Al Raha Beach development.
Aldar is also selling a redeveloped area known as Central Market to the emirate. Aldar's finances have been hurt by the slump in the UAE property market.
Its shares fell to a record low this month but senior executives have moved to squash suggestions that the Abu Dhabi master developer might delist its shares. Last month it also revealed that it was cutting jobs and scaling back its operations as it aims to navigate difficult market conditions. The firm said 105 people would lose their jobs - 24 per cent of the firm's workforce.
"We need to ensure that we have the appropriate size, structure and skills for the current and future environment," Aldar chairman Ali Eid Al Mheiri said at the time.