Yas Marina Circuit Sold to the Abu Dhabi Government
According to the local media, the Abu Dhabi-headquartered Aldar Properties PJSC decided to sell the state-of-the-art circuit due to 79 per cent drop in earnings in 2009. So it's not like the sellout had anything to do with the grand prix's success in F1, but with the company's economic failure last year.
Additionally, the Yas Marina circuit was not the only asset sold by Aldar this year, as the company was forced to sell several other projects as well.
“This (the assets sale) includes roads, utilities on the Yas Island, Yas Marina Circuit which is home to the Formula 1 race track, Yas Marina and the Yas Yacht Club," CFO Shafqat Malek was quoted as saying to the Golf News.
“The sale will improve Aldar's liquidity position and help the company settle its debts this year of around Dh4.5 billion. They will also have enough cash to complete their projects,” added Nabil Farhat, partner with Al Fajer Securities.
The real estate development, management and investment company is also owner of Ferrari World Theme Park in Abu Dhabi (among other such big projects). However, no reports have been issued about a potential selling of the aforementioned park, which is to open during the course of this year.