ArabianBusiness.com - Middle East Business News
Monday, 09 November 2009 04:19 UAE time

YOUR DIRECTORY /

| Share |

Sorouh plans $1bn securitisation

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 13 May 2008
FUNDING EXPANSION: Sorouh is planning to raise around $1 billion in asset backed securitisation this year, Haider said. (ITP Images)

Sorouh Real Estate, Abu Dhabi's second-biggest developer, will raise about $1 billion in an asset backed securitisation this year for general funding purposes, its CEO told ArabianBusiness.com on Tuesday.

“The initiative we have with Citibank is for close to $1 billion in an asset-backed securitisation," Mounir Haider said in an interview on the sidelines of Cityscape Abu Dhabi, declining to confirm when the securitisation will take place.

“I cannot time the market, it has to be the right time,” he said.

Story continues below
advertisement

State-controlled Sorouh last month saw first quarter net income surge to 361 million dirhams ($98.31 million), or 0.14 dirhams per share, from 114 million dirhams, or 0.04 dirhams per share, in the year-earlier period after selling land at its Shams residential and commercial project on the Abu Dhabi island of Reem.

RELATED: Abu Dhabi boom drives profits

The company recorded a 29% increase in full year profit to $343 million during 2007. The company’s development portfolio is valued at about $13 billion and it is expanding into new real estate markets throughout the Middle East.

Sorouh on Tuesday unveiled its masterplan for the multi-billion dollar Lulu Island project. An area of almost 1,400 acres located 500 metres offshore from the Abu Dhabi Corniche.

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

SOROUH.ADX

Last Price:

3.18

+0.12+3.85%

8 Nov 2009 10:00 GMT
(Market Closed)

RELATED LINKS

  1. Sorouh Real Estate»

 EMAIL ALERTS

  1. Sorouh Real Estate

  2. Real Estate


CURRENCY CONVERTOR

Tell us your story

READER COMMENTS

  1. The tipping scandal 12
    08 Nov ' 09 at 16:32
    Steve you are 100% right. Managers and bosses have no right to use tip money for any other purpose than todistribute it to the staff...   More  »
  2. The party's just beginning 10
    08 Nov ' 09 at 18:31
    The recession may be coming to an end, but my guess is that there is no party in sight, just a depression! The typical line i hear in...   More  »
  3. Al Habtoor chief upbeat on Dubai future 08
    08 Nov ' 09 at 20:55
    I agree with Mr Khalafs comments, yesterday is gone,tomorrow nobody seen, what he is expecting beyound tomorow ,is his positive...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM