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FINANCIAL NEWS
Abu Dhabi’s TDIC loses USD585m in 2012
11 May 2013
(MENAFN) Abu Dhabi’s Tourism Development and Investment Company (TDIC) announced that it incurred a USD585 million loss last year mainly due to non-cash items, reported Arabian Business.
Executive director of Marketing, Communications, Sales and Leasing, Ahmed Al Fahim, stated that higher amount in depreciation in addition to impairments on long term assets were the main constituents of non-cash items.
Al Fahim said that the year recorded USD345.6 million in revenues, with the figure higher by 280 percent than 2011.
He attributed the increase in revenues to a notable rise in property sales and leasing.
In 2012, TDIC, the master developer of tourism projects, delivered the first phase of the Eastern Mangroves residences with a total of 50 units, the first phase of Saadiyat Beach Residences with a total of 285 units and the Saadiyat Beach Villas, with 254 units.
Furthermore, the company officially launched the St Regis Saadiyat Island Resort, the Eastern Mangroves Hotel and Spa by Anantara, and the Stables and the Conference Centre on Sir Bani Yas Island.
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