The indebted developer’s shareholders also gave the go-ahead to place its planned issue of convertible bonds worth 2.8 billion dirhams ($762.3 million) with government-owned investment fund Mubadala, Aldar said in a statement.

Shareholders approved an issuance of bonds, sukuk, debentures or bonds not convertible into shares for the value of $1.5 billion, the proceeds of which would be used for “general corporate purposes,” the statement said.

Aldar’s chief financial officer Shafqat Malik said later that the company had no plans to issue the bond soon.

Aldar was rescued by a $5.2 billion lifeline by Abu Dhabi in January and announced plans to sell properties such as the Ferrari theme park, the world’s first park based on the Italian sports car and racing teams.

“All the resolutions have been approved, including the convertible bonds,” Malik said.

Aldar had earlier issued a 3.56 billion dirham convertible bond to Mubadala that matures in November 2011.

The Abu Dhabi government owns about 31 percent of Aldar.

Aldar, the builder of the Yas Marina Formula One circuit, reported its largest-ever quarterly loss earlier this month, taking write-downs of 11.3 billion dirhams in 2010, 10.8 billion dirhams of it booked in the final quarter