Abu Dhabi circuit sold to government

Aldar Properties, owner of Yas Island which plays host to the Abu Dhabi Formula 1 Grand Prix, has sold Yas Island with its Formula 1 circuit to the Abu Dhabi Government it was reported on Wednesday. "This 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," Aldar's chief financial officer Shafqat Malek told Gulf News.

"The sale will improve Aldar's liquidity position and help the company settle its debts this year of around Dh4.5 billion (about £ 720 million)," said Nabil Farhat, partner with Al Fajer Securities. "They will also have enough cash to complete their projects." GPUpdat.net