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Aldar Properties Sells Large Portion Of Yas Island Project
Aldar Properties sold a major part of its signature Yas Island project, including the Grand Prix Circuit, to the Abu Dhabi Government. Chief Financial Officer for Aldar said “We sold a number of things, including the internal roads, vacuum systems, the marina, yacht club…and the race track.” Shafqat Malik said the sale was made in order to raise cash during one of Aldar’s most challenging periods, and also as part of a wider economic diversification in Abu Dhabi.
Aldar losses in the fourth quarter totaled Dh562 million due to a Dh520 million revaluation of properties under development, and Dh170mm in costs related to opening Yas Island in late October for the Formula 1 Grand Prix. Mr. Malik said Aldar now has about Dh10.3 billion in liquidity which will allow it to manage its development program over the next year.
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