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Abu Dhabi's TDIC likely to return to debt market

'We are constantly evaluating our funding requirements ... Our current cash position is strong'

Gulf News

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.

"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.