Tuesday, Apr 17, 2012
DUBAI (Zawya Dow Jones)--Abu Dhabi-based developer Aldar Properties has signed a 4 billion U.A.E. dirhams ($1.09 billion), three-year revolving credit facility with National Bank of Abu Dhabi to fund operations and meet liquidity requirements, the company said in a statement Tuesday.
Greg Fewer, Aldar's chief financial officer, said in the statement that the credit facility from NBAD demonstrated the company's "strong financial position" following moves taken last year.
As losses mounted and property prices declined, Aldar last year sold assets to the Abu Dhabi government to raise cash while issuing convertible bonds to the government-owned Mubadala Development Co. All told, Aldar received roughly $10 billion in financial assistance last year.
Aldar is behind some of Abu Dhabi's biggest projects, including Yas Island and Al Raha beach near the emirate's international airport.
"Our financial profile is strong as a result of the comprehensive restructuring undertaken in 2011 and we are delighted to see this recognised by the market as we implement our financing strategy," Fewer said.
Aldar had not drawn on the revolving credit facility upon signing, the statement said.
Aldar in February reported a full-year 2011 net profit of AED642.5 million, due partly to its asset sales to the Abu Dhabi government.
The firm's shares last traded flat at AED1.12.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
17-04-12 0626GMT
