Middle-east Arab News Opinion | Asharq Al-awsat

Abu Dhabi developer considers further asset sales | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI, United Arab Emirates (AP) – The struggling state-backed developer of Abu Dhabi’s Formula One complex and other major real estate projects is considering selling off additional assets as it copes with an ongoing property slump.

Aldar Properties said in a regulatory filing Monday its board will meet Wednesday to discuss what holdings might be sold.

Abu Dhabi’s government pumped $5.22 billion in emergency funds into the company earlier this year in exchange for several Aldar properties, including the Ferrari World Abu Dhabi theme park that opened last year.

Aldar said Sunday it remains committed to keeping its shares listed on the Abu Dhabi stock exchange after the government increased its stake in the company.