Aldar to raise money from abroad this year

Abu Dhabi: Aldar Properties said it will be looking at foreign markets to raise money this year.

The Abu Dhabi-based company raised Dh34 billion in 2007 to carry out developments within Abu Dhabi, chief executive Ronald Stephen Barrott said.

"That figure includes Dh7 billion for sukuk," he said after the company's annual general meeting on Wednesday.

Barrott said Aldar will be using various capital structures to fund its projects.

"We will be looking at the world market to raise capital," said Barrott.

"The market is solidly behind Aldar. This includes banking institutions and shareholders," he said.

Barrott said the percentage of foreign shareholders of Aldar is now 39.99 per cent.

"We have investors from around the globe," he said.

In 2007, Aldar's net profit rose 55 per cent on year to Dh1.941 billion.

The company said will pay its shareholders a dividend of 10 fils per share for the financial year ended December 31.