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Aldar Properties to borrow $4 billion for new projects
- October 11, 2006, 11:36 pm
Aldar Properties, the third-largest Gulf Arab real-estate developer by market value, said it plans to borrow as much as $4 billion to fund projects in the UAE and abroad.
Aldar, which is developing Dh70 billion ($19.06 billion) worth of projects in Abu Dhabi, will sell its first Islamic bonds early next year, Aldar chief financial officer Shafqat Malik said in an interview on Monday.
“If you look at the scale of our projects, they require substantial funds,” he said. “In the next three years we are looking to put together $3 billion to $4 billion in financing.”
Aldar will announce an Dh85 billion leisure project for Abu Dhabi before the end of the year, Aldar CEO Ronald Barrott said.
It will also start developing real estate projects in Morocco and an eastern European nation in the first half of next year, its first foreign ventures, he said, declining to be more specific.
Aldar will also buy stakes in real estate-related companies, Barrott said.
“We need to ensure our investments are spread as far as investments are concerned,” said Barrott.
“Exposure to other countries or continents will enable us to ride those cycles.”
Malik said Aldar would list its first Islamic bond, or sukuk on the Abu Dhabi stock exchange. “There’s is a lot of liquidity, especially in Islamic finance,” he said.
Through expansion overseas, Aldar expects to generate 45 per cent of its revenue from foreign operations within five years, Barrott said.
Source - Reuters
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