Aldar, Abu Dhabi’s biggest developer, saw it shares jump 9.5 per cent on Thursday on the back of a massive government bailout package unveiled the day before. And Abu Dhabi’s real estate index took confidence too, bouncing some 7.5 per cent .
On Wednesday, Aldar announced it is selling assets to the government and receiving debt support to the tune of $4.6bn, after receiving a rescue package of $5.2bn in January. That brings the total amount of government aid in Aldar’s 2011 begging bowl to near $10bn. No wonder shareholders are so happy.
That figure is in line with the financial injection that neighbouring Dubai had to pump into the listing ship Nakheel in late 2009 as the business hub, the second largest emirate after oil rich Abu Dhabi, almost teetered over into default.
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