Aldar to sell $970m bonds to Mubadala

Abu Dhabi: Abu Dhabi developer Aldar Properties said yesterday it would sell Dh3.56 billion ($969.5 million) in convertible bonds to state-controlled investment firm Mubadala Development Co.

The property firm, with about $65 billion worth of projects in the pipeline, has been raising funds as it spearheads the Abu Dhabi government's drive to develop residential and leisure districts for the world's fifth-largest oil exporter.

The bonds it sells to Mubadala - which owns 14.82 per cent of Aldar -would be convertible into its shares at the average trading price of the stock in the three days prior to the bonds being issued, Aldar said in a statement on the bourse website.