Friday 14 January 2011

gulfnews : Abu Dhabi rides to Aldar's rescue

The Abu Dhabi Government yesterday came to the rescue of Aldar Properties with a multi-billion-dirham support package to help recapitalise the emirate's biggest developer so it can continue with its projects.

A company spokesperson said, "This deal is consistent with an element of Aldar's business model under which the company has supported the long-term objectives of the emirate of Abu Dhabi by building and developing strategic assets and transferring them to the government upon completion."

Aldar yesterday announced a series of steps, including a Dh10.5 billion asset value impairment charge it said was "designed to solidify the company's position for long-term, sustainable growth".

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