Aldar Properties has repaid a US$1.25billion bond helping the Abu Dhabi based developer to slash annual interest payments by Dh700 million compared with last year.
The bond, which matured at the end of May 2014 and which carried an initial annual interest cost of 10.75 per cent was repaid using company cash reserves and existing loan facilities which carry an annual interest cost of 1.7 per cent, Aldar said in a statement today.
Aldar’s overall cost of borrowing has fallen 70 per cent from Dh1 billion a year to Dh300 million the company said while its weighted average cost of debt has fallen has fallen from 5.8 per cent before the bond repayment to 2.8 per cent.
Aldar was hit hard by the global financial crisis when property prices in the capital fell by as much as half prompting agencies such as Moody’s to downgrade its ratings status to “junk” in 2010 and pushing up its cost of borrowing as investors feared for the safety of their cash.
However, since then the company’s outlook has improved steadily, benefitting from major asset sales to the Abu Dhabi Government, a government endorsed merger with rival property company Sorouh and a recent uptick in the Abu Dhabi property market.
Aldar reported yesterday that since completing its merger with Sorouh in June last year, the company has reduced its gross debt from Dh14.2bn to Dh10.1bn.
At the end of May this year Aldar said it held cash worth Dh3.8bn and Dh 40.7bn worth of assets, including 77 square miles of development land.
“Our strategy to continue deleveraging the business and reduce the company’s annual interest payment is well advanced,” said Greg Fewer, Aldar’s chief financial officer. “Thanks to our refinancing initiatives the company will now pay Dh700 million less annually to service our debts - a reduction of 70 per cent over just one year. We continue to remain focused on deleveraging the business and optimising our cost of capital.”
Last month Aldar returned to the off plan sales market after an absence of four years as the company announced three new projects in Abu Dhabi worth a total of Dh5 billion.
The company plans to start selling off plan flats at its Ansam project – its first major apartment scheme on Yas island – on Saturday.
Aldar added that it was assessing 20 other development projects in Abu Dhabi emirate and plans to launch at least two new schemes every six months.
lbarnard@thenational.ae
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2018 Ford F-150
Price, base / as tested: Dh173,250 / Dh178,500
Engine: 5.0-litre V8
Power: 395hp @ 5,000rpm
Torque: 555Nm @ 2,750rpm
Transmission: 10-speed automatic
Fuel consumption, combined: 12.4L / 100km
UAE currency: the story behind the money in your pockets
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
The%20specs
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
