Abu Dhabi’s Aldar To Refinance $2.2bn Debt This Year

Aldar Properties will look to refinance Dhs7.9 billion ($2.2 billion) worth of debt this year, and is open to bank loans as well as bonds, the chief financial officer of the Abu Dhabi property firm said on Wednesday.

“You could see us (doing) normal refinancing – banks or bonds – because of our strong credit ratings. We will also manage debts with government receivables, existing cash and liquidity already procured,” Greg Fewer said on a conference call with reporters.

Aldar has existing cash holdings of Dhs8.3 billion, he said.

Earlier, the company reported a 79 per cent increase in fourth-quarter net profit on the back of gains from the acquisition of former rival Sorouh Real Estate and the handover of more residential units.

Fewer said that a big share of the debt would come due in May, when a $1.25 billion bond matures. “We have already procured funds for this,” he added.