Aldar sells Yas Island assets to government
17 February 2010
Abu Dhabi’s leading building-real estate group Aldar Properties, has sold the property and infrastructure of Yas Island - the island on which the Formula One races were inaugurated and on which a Ferrari theme park will soon open - to the government of the Emirate’s capital, reports Gulf News.
The sales value of the roads and services totals about two billion euros, a sum which will lighten the 1 billion euros in balance sheet debts. A few days ago Aldar announced net profits of 200 million euros in 2009 - with, however, a drop of 70.59% on the previous year.
The value of Aldar's real estate projects in the Abu Dhabi emirate is estimated at over 54 billion euros.
Source: ANSAmed