Hydra Properties eyes debt for expansion

by John Irish Thursday, 04 September 2008

Abu Dhabi-based private developer Hydra Properties plans to tap the debt markets to finance expansion plans that include real estate projects from Eastern Europe to Mexico, its chief executive officer said.

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Sulaiman Al-Fahim, a board member of the Abu Dhabi group that aims to buy Manchester City from the former Thai premier, said Hydra was drawing up a three-year financial plan as it eyes major real estate projects in Pakistan and Eastern Europe.
Hydra, based in the UAE capital, is also moving ahead with developments in Mexico, Libya and Kuwait, he added.

"We will be finalising the business plan. We are now doing a study for the next three years, we hope to complete it early next year," Al-Fahim said of Hydra's financing strategy.

Hydra would seek loans to help pay for expansion, he said, without giving details. The firm would not consider selling shares to the public before 2010, Al-Fahim added.

UAE developers buoyed by a regional economic boom fuelled by high oil prices, including Hydra's Abu Dhabi rival Aldar Properties, are investing in real estate projects across the world to diversify their risk.

Hydra's current portfolio includes 24 towers in Abu Dhabi and four high-rise buildings in Dubai.

Abu Dhabi United Group for Development and Investment said this week it had signed an initial deal to buy Manchester City. (Reuters)



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