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In January, it agreed to sell bonds and real estate holdings to the government to raise $5.2 billion of critically needed cash. At the time, it also took a $2.9 billion impairment charge to write down the value of its assets. Aldar was set up in 2004 to accelerate real estate growth in Abu Dhabi. It spearheaded development of large-scale residential projects and its signature development of Yas Island, home of the Abu Dhabi Grand Prix auto race. Like state-linked property companies in neighboring Dubai, it borrowed heavily to fund its growth and fell on hard times when the global economy faltered.
[Associated
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