Aldar sells $1.25bn in bonds

The property developer Aldar has sold US$1.25 billion (Dh4.58bn) in corporate bonds, with strong appetite from international investors, its chief financial officer said yesterday.

“We had demand for orders of around $5bn,” said Shafqat Malik. “This is a good testament to Abu Dhabi. There is investor trust in the vision of Abu Dhabi as a whole and in our company.”

Aldar is Abu Dhabi’s largest publicly traded developer. Its projects include the Formula One race track on Yas Island, where Abu Dhabi will hold its first grand prix on Nov 1.