The state-backed developer of Abu Dhabi's Formula One circuit says the government of Abu Dhabi will pump in $4.6 billion into the cash-strapped company in exchange for waterfront property and other assets.
Wednesday's deal follows the injection of $5.2 billion in emergency funds provided by the Emirati capital to Aldar Properties earlier this year.
As part of the latest transaction, Abu Dhabi will take control of 760 villas at the company's Al Raha Beach development. Aldar is also selling a redeveloped area known as Central Market to the emirate.
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