Thursday 3 November 2011

Abu Dhabi's Aldar seen meeting $1.1bn bond test - Real Estate - ArabianBusiness.com

Investors in Aldar Properties' $1.1bn Islamic bond, which is due November 10, are betting the indebted developer will repay the issue even if it means more aid from Abu Dhabi which bailed the company out this year.

Aldar is limping back to recovery after posting record quarterly losses at the end of 2010, forcing the Abu Dhabi government to step in with a $5.2bn rescue package in January.

The builder of the Yas Marina Formula One circuit in the UAE capital has been forced to cut staff and scale back operations as it grapples with a property collapse in the region.
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