Aldar Properties, which built the world’s biggest indoor theme park in Abu Dhabi, will repay the remaining Dh1 billion of a Dh4bn loan before the end of this month as it cuts debt.
Abu Dhabi’s largest real estate company will use scheduled cash payments from the government after selling assets to settle the loan, Aldar said in an emailed response to questions. The company repaid Dh3bn last year.
Aldar, which won back its investment-grade rating from Moody’s in November, has been repaying loans and extending maturities on others. The company has Dh9.6bn in gross debt and plans to cut that to Dh6bn within a year, chief financial officer Greg Fewer said on November 13.
Income from hotels, offices and retail properties is expected to climb as much as 60 per cent to Dh1.6bn a year by the end of 2015. Moody’s Investors Service cited recurring income on when it raised Aldar’s credit by two levels to Baa3, its lowest investment grade, on November 26.
Shares of the Ferrari World theme park developer were unchanged at Dh2.69 as of 11.16am local time, having gained about 10 per cent in the previous four sessions.
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