Aldar bailout could spell good news for abu dhabi

Abu Dhabi’s bailout of the emirate’s biggest holdings company Aldar Properties PJSC could spell good news for the area if the firm can focus its resources, according to a financial services specialist.

The government recently approved a 16.8 billion dirhams bailout of Aldar. It will purchase 760 homes from Aldar’s Al Raha Beach development and pay off 5 billion dirhmas debt relating to the infrastructure on Yas Island.

And Will Hean, Middle East general manager and investment director at Matrix Group, exclusively told OPP that this means good news for Abu Dhabi if Aldar now refocuses on “the delivery of large masterplanned areas”.

“I think the Government bailout of Aldar is ultimately good for Abu Dhabi as it could free up Aldar resources to concentrate on the delivery of large masterplanned areas already underway such as Raha Beach, which I believe will become one of the premium areas in Abu Dhabi,” said Hean.

Source: OPP.org.uk