Arab Today, arab today abu dhabi to pump 52 bln into aldar
Last Updated : GMT 00:16:36
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Abu Dhabi to pump $5.2 bln into Aldar

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Arab Today, arab today Abu Dhabi to pump $5.2 bln into Aldar

Abu Dhabi's government will pump $5.2 billion dollars into the emirate's biggest developer by purchasing assets and convertible bonds, the two sides have said. Aldar Properties PJSC unveiled a set of steps "designed to solidify the company's position for long-term and sustainable growth," according to a statement carried by the official WAM news agency late Thursday. These include a $3.1 billion injection in return for the transfer of assets, including the recently opened Ferrari World Abu Dhabi theme park on Yas Island, as well as infrastructure assets on the island comprising roads, bridges, marine facilities and land. The sale of residential units and land for $1.5 billion to the government is included in the deal. In addition, and subject to shareholders approval, the company will issue convertible bonds worth $800 million to be placed with the government's investment arm Mubadala Development Company. Aldar also said it will write off around $3 billion in impairment charges, recognizing the drop in the value of assets, since property prices in the oil-rich emirate have shed more than a third of their 2008 peak value due to the global financial crisis. "The financial framework approved by the Board today, including the convertible bond issue, will strengthen our capital structure and provide us with a stable and sustainable platform from which we can continue to capture commercial opportunities to deliver value to shareholders," said Ahmed al-Sayegh, chairman of Aldar. "The impairment recognition reflects the adverse conditions that have affected the real estate market, but is an important step in allowing Aldar to achieve long-term sustainable growth," he said. In a statement also carried by WAM, the Abu Dhabi Department of Finance acknowledged the agreement, saying the assets were of "important value for the economy of Abu Dhabi." Aldar's portfolio includes commercial developments such as Central Market, Al Raha Beach, Yas Island (including Yas Mall and Yas Hotel), HQ, and Al Bateen Park. Aldar reportedly began discussions with the government in November, after it reported a$ 203 billion loss for the third quarter, compared with a profit of $75 million in the corresponding period in 2009. The company sold in March its racing circuit, marina, yacht club and other infrastructure at its flagship Yas Marina to the government for $2.5 billion.

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