UAE's Aldar to meet fixed-income investors

MONEY MATTERS: Aldar last month said it had AED6.1bn ($1.66bn) in loan facilities it has yet to draw on. (ITP Images)

Abu Dhabi's Aldar Properties will update fixed-income investors this week on its operations, but has no immediate plans to sell bonds, the firm's chief financial officer said on Tuesday.

Abu Dhabi's largest real estate developer said in a regulatory filing it had selected Barclays Capital, Goldman Sachs International, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank to arrange the meetings.

When asked if the firm is looking to sell bonds, CFO Shafqat Malik told Reuters: "Not at this stage. We always look at our options."

"It is part of our normal course of business ... we are giving an update to our investors to say how we are doing," he added.

The meetings will take place this week in the United Arab Emirates, Europe and the United States, Malik added.

Aldar last month said it had AED6.1bn ($1.66bn) in loan facilities it has yet to draw on and would focus on existing projects, not expansion, after posting a 35 percent fall in first-quarter profit.

"We have a strong liquidity position to date," Malik said.

The Abu Dhabi government and a raft of state-linked firms have already issued bonds this year as they look to boost financial resources to meet an aggressive infrastructure programme and become more transparent for investors.

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