Aldar yesterday revealed a funding framework with the Abu Dhabi Government including the sale of properties and the issuance of a bond.
The company will sell to the Government Dh10.9 billion (US$2.96bn) of infrastructure assets on Yas Island, including the Ferrari World theme park, along with Dh5.5bn of residential units and land. It will also issue a Dh2.8bn convertible bond to Mubadala Development.
Ahmed Ali al Sayegh, the chairman of Aldar, said the financial framework would "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."
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