The Abu Dhabi government has agreed a new $4.6bn bailout plan for the local developer Aldar Properties.

The government has agreed to invest AED16.8bn ($4.6bn) in local developer Aldar Properties through unit sales, asset transfers and reimbursements.

Under the deal, the government purchased 760 three, four and five bedroom units within the Al Bandar, Al Zeina and Al Muneera developments in Aldar’s Al Raha Beach development for a total of AED3.5bn. Aldar will retain ownership of the remaining units.

The government has also agreed to reimburse Aldar AED5bn for certain completed and under construction, infrastructure assets at the Al Raha Beach development.

Aldar has also agreed to sell its Central Market development and related infrastructure to the government for AED5.7bn. Aldar will be responsible for the construction management and supervision of the completion of the project in addition to the immediate operation and management of the facilities on behalf of the government. The government will fund the estimated AED2.6bn completion costs of the development.

Aldar will receive the proceeds from the sale transactions over the next four years in line with an agreed payment schedule, which includes the receipt of AED4.5bn by the end of February.

This is not the first time that Abu Dhabi’s government has stepped in to rescue Aldar this year. In January, the government agreed a $5.2bn plan to help the company deal with a collapse in real estate prices.

The plan involved the sale of AED10.5bn worth of Aldar’s assets on Yas Island, which included the Ferrari World Theme Park, and the sale of AED5.5bn of residential units and land (MEED 16:1:11).