Aldar Properties PJSC climbed the most in six weeks on speculation that Abu Dhabi’s biggest developer will secure government funding after posting its biggest quarterly loss on record.
The shares rose 3.2 percent at 2.29 dirhams in Abu Dhabi, the most since Sept. 26. Aldar expects to reach a “framework” agreement with the state on “cash requirements” by the end of the year, it said in a statement today.
Abu Dhabi’s government aided Aldar earlier this year when it agreed to buy assets on the Yas Island leisure resort from the developer for 9.14 billion dirhams ($2.49 billion). The company, 19.2 percent-owned by state-backed investor Mubadala Development Co., has been hurt by slumping sales, falling asset values and about 26 billion dirhams of outstanding debt.
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