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TDIC raises USD1b in 2012

14 Apr 2011

(MENAFN) The Abu Dhabi and Investment Company’s (TDIC) acting chief executive, James Pringle, said the company would collect USD1 billion in 2012 as funds to expand construction operations in Saadiyat Island and the Qasr al Sarab hotel in the Empty Quarter, reported The National.

Pringle said that TDIC issued USD2 billion debt in 2009 and would issue a longer term debt with maturities of between seven and ten years.

He added that the company negotiates with international developing companies from Europe and Asia to develop properties where the Louvre Abu Dhabi, Guggenheim Abu Dhabi and Zayed National Museum are being constructed.

It is worth noting that last month’s interest rates went up by 100 percent in Abu Dhabi, and the island would witness a lot of project opportunities in the future.

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