Aldar receives Dh4bn revolving credit facility from NBAD

Aldar Properties has secured a Dh4 billion revolving credit facility from National Bank of Abu Dhabi (NBAD), the property developer announced today.

The facility, which has a tenor of three years, is to be used for Aldar's normal business activities.

The funds remained undrawn at signing, Aldar said. The facility will help the company manage its working capital and liquidity requirements over the next three years, it added.

"The signing of this new revolving credit facility further demonstrates Aldar's strong financial position and our continuing smooth access to financing markets," said Greg Fewer, the chief financial officer of Aldar.

Last month it emerged that Abu Dhabi's two largest developers, Aldar and Sorouh, were weighing a US$15 billion merger.

Aldar made a net profit of Dh642.5 million last year, reversing a loss of Dh12.6bn in 2010. Revenues were driven by sales of land and property to the Government.

The developer has already received more than $10bn in government funds.