With access to Dh30bn in cash, Abu Dhabi's Aldar Properties said it is committed to delivering key projects.
Aldar's war chest to see it through
With access to a Dh30bn ($8.1bn) war chest, Abu Dhabi's Aldar Properties said it is committed to delivering key projects over the next few years, even as it reviews future developments with an eye toward market conditions. Construction is progressing on projects including Yas Island, where the Formula 1 racetrack is expected to be ready in time for the Abu Dhabi Grand Prix next November.
Several commercial towers will completed over the next two to four years, including at least three on Al Raha Beach, while Baniyas Tower will be ready in 2009. Completion of two hotels at Central Market and seven on Yas Island is also expected, along with three villa projects. "At the end of the third quarter we had about Dh30bn worth of liquidity in our hands, and we will manage our finances in a way to ensure that whatever requirements there are we will have the finance for it," said Shafqat Malik, the chief financial officer.
Aldar has a portfolio of projects worth Dh271bn, all of which have been phased for completion over the next ten years. They include commercial and residential projects as well as hospitals. The company expects to deliver up to 7,000 homes over the next four years. "Aldar is providing infrastructure to Abu Dhabi, and we have a commitment to provide accommodation," said Mr Malik. He added that local banks were in a robust position to provide home financing for buyers.
Currently, banks including the National Bank of Abu Dhabi are providing mortgages of about 85 per cent. "The banks we work with are writing mortgages for our customers. So the business is happening, it hasn't completely shut up shop," he added. email@example.com