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FINANCIAL NEWS
Abu Dhabi’s TDIC considers assets sales
01 Mar 2012
(MENAFN) Abu Dhabi’s Tourism Development and Investment Company’s (TDIC) CFO, Shaun O’Connor, said that in order to pay the company’s debt, TDIC considers selling some assets, reported The National.
O’Conner added that some of these assets include apartments and hotels on Saadiyat Island and in the Eastern Mangroves development.
He also said that TDIC has USD2 billion worth of bonds maturing in 2014, and money raised from any sales would be used in part to pay off these debts, moreover, the firm is considering extending the bonds.
It is worth noting that TDIC is the developer of projects including the Louvre and Guggenheim museums in Abu Dhabi.
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