10 Aug 2013
(MENAFN) Abu Dhabi developer Aldar Properties unveiled plans to lower its USD3.8 billion debt by more than half in coming years as business recovers, Reuters reported.
Chief financial officer Greg Fewer said revenue would start to improve in the third quarter as Aldar reaps the benefits of margining with rival Sorouh, and would grow further by year-end when it begins delivering more than 7,000 units.
He said recurring income, which comes mainly from malls and hotels, would grow from the third quarter when Sorouh’s recurring revenue is integrated with Aldar’s.
The firm looks to repay the debt through receivables from its government projects and recurring income businesses.
Fewer said Aldar was seeking to refinance its debt, including a USD1.2 billion bond maturing next year.
The bulk of Aldar’s debt matures next year and two of those notes will be carried beyond 2014.
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more