Abu Dhabi’s Aldar secures USD1.09b loan
17 Apr 2012
(MENAFN) Abu Dhabi-based Aldar Properties said it has signed a USD1.09 billion credit facility deal with a local lender in a bid to help the struggling developer manage its liquidity needs, Reuters reported.
The emirate’s flagship developer said that the three-year revolving facility will be used for general business purposes.
The funds from the deal will allow the company to manage its working capital and liquidity requirements over the next three years, Aldar added.
The developer behind Yas Marina Formula One circuit has been bailed out twice by the Abu Dhabi government with rescue packages totaling over USD10 billion.