Abu Dhabi has purchased 760 housing units in Aldar’s Al Bandar, Al Zeina and Al Muneera developments in its ambitious Al Raha Beach project for 3.5 billion dirhams, the company said in an emailed statement. 

The developer also sold assets in its Central Market project, which is still under construction, and related infrastructure to Abu Dhabi for 5.7 billion. 

The government, which will forgive a 5-billion dirham infrastructure loan Aldar has outstanding, will also lend the developer 2.6 billion dirhams to complete Central Market. 

The developer has already sold assets to the Abu Dhabi government earlier this year, including its Ferrari World theme park and the Yas Marina Formula One circuit.  

Abu Dhabi bailed out the cash-strapped developer in January with a $5.2 billion rescue package in exchange for 2.8 billion dirhams ($762 million) in convertible bonds to Mubadala and the sale of assets. Mubadala converted a portion of its bonds earlier this month.  

In January, Aldar said it would sell assets worth $1.49 billion to the government to meet debt obligations. 

Shares of Aldar ended 3.7 percent higher on Wednesday, before the announcement. The company’s stock has been falling to record lows over concerns that it may delist, despite Aldar dismissing the speculation as rumors. 

Abu Dhabi, the capital of the United Arab Emirates and home to most of the country’s oil, is facing challenges as a huge supply of high-end homes are expected to enter the market.     

Prices in Abu Dhabi are expected to fall another 14 percent from here, or 60 percent from their peak, a Reuters poll showed.