Abu Dhabi: Abu Dhabi's Tourism Development and Investment Company (TDIC) may return to the capital markets in the second half of this year or during the first quarter of 2012 to sell new debt, James Pringle, TDIC's Acting Chief Executive Officer, said on Wednesday.
Business | Investment
Abu Dhabi's TDIC likely to return to debt market
'We are constantly evaluating our funding requirements ... Our current cash position is strong'
- By Himendra Mohan Kumar, Staff Reporter
- Published: 18:19 April 13, 2011
"We are constantly evaluating our funding requirements. Our current cash position is strong. Our liquidity is totally adequate for plans we have announced," Pringle told reporters at a news conference.
Pringle, however, declined to comment on the quantum of funds TDIC may look to tap from the capital markets.
He said despite land sales to secondary developers being affected by market conditions, TDIC's ability to service its financing requirements remains unaffected.
"We are not in a situation that we haven't planned for," Pringle added.
TDIC currently has a $1 billion (Dh3.6 billion) sukuk and a $1 billion bond in the market and these are being serviced, said Pringle.
Both the sukuk and the bond will mature in 2014 - the bond in July 2014 and the sukuk in October 2014, a senior TDIC executive told Gulf News.
More from Investment
More from Business
Business Editor's choice
-
UAE tops GCC spend in home fit-outs market
UAE is also top regional spender on retail interior contracting
-
UAE expat holiday rush triggers fare hike
Airfares have increased by up to 40 per cent this summer, depending on the destination
-
Is Japan’s rebound a recipe for Europe?
Economy is renewing pressure on policymakers to shift course from austerity to stimulus