Aldar Properties has agreed to sell a group of assets, including the Ferrari World theme park, to the Abu Dhabi government. Also included in the AED19.2 billion ($5.2bn/€3.8bn) deal are roads, bridges, homes and land at Yas Island, as well an AED2.8bn convertible bond.
Aldar built much of the infrastructure in and around Yas Island, the Abu Dhabi leisure destination that is home to Ferrari World and other proposed attractions including a waterpark, but has been offloading assets to reduce its debt. Last February it sold the flagship Yas Marina Circuit Formula 1 racetrack, also to the government.
Ferrari World Abu Dhabi, which opened last November, is the world’s largest indoor theme park. Celebrating the power and passion of Ferrari and motorsport in general, it was designed by Jack Rouse Associates (JRA) and features 20 rides and attractions including the world’s fastest rollercoaster.
