Aldar has $1.66bn in undrawn loans

Abu Dhabi's largest developer Aldar Properties said yesterday it would focus on existing projects not expansion but had $1.66 billion (Dh6.1bn) in loan facilities it has yet to draw on.

Chief Financial Officer Shafqat Malik told an analyst conference call that the firm, whose first-quarter profit fell 35 per cent, had no plans for international growth. "The next 12-18 months we are focussing on projects that we have launched, delivering them on time... and at the same time keeping an eye on the liquidity side," he said.

Malik said Aldar was capable of overcoming the crisis. "I strongly believe that we are in the best shape to weather the financial storm [compared to] anybody else," he said.

Cash balance at the end of the first quarter was about Dh15.1bn and undrawn loans stood at Dh6.1bn, including a new Dh3.1bn facility, he said.

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