Abu Dhabiâs government extended its bailout of developers hurt by the United Arab Emiratesâ real- estate crash, agreeing to buy assets valued at 1 (more)
Abu Dhabiâs government extended its bailout of developers hurt by the United Arab
Emiratesâ real- estate crash, agreeing to buy assets valued at 16.8 billion dirhams ($4.57 billion) from Aldar Properties PJSC. (ALDAR)
The government will purchase 760 homes in the Al Raha Beach development and retire 5 billion dirhams of debt related to infrastructure on Yas Island, Aldar said in a statement yesterday. It will also buy 5.7 billion dirhams of assets in Central Market, a project in downtown Abu Dhabi, and finance the completion of the districtâs redevelopment.
Developers in Abu Dhabi and neighboring emirate Dubai are struggling to pay down debts after property prices fell by more than half since the marketâs peak in 2008. The latest agreement takes the amount of government spending on Aldar, Abu Dhabi's biggest developer, to 36 billion dirhams this year. The state also contributed to a $20 billion bailout of Dubai in 2009.
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