Aldar, which is majority-owned by Abu Dhabi and built the Yas Marina Formula One circuit, has been bailed out twice by the government over the past 18 months with rescue packages totalling some $10 billion.

The two are the No. 1 and 2 developers in the emirate, with the smaller Sorouh faring better than its bigger rival amid a property slump dating back to 2008.

Shares in both companies ended up 8 percent on the Abu Dhabi exchange on Sunday. The statement came after markets closed.

Copyright Reuters, 2012