Azernews.Az

By Bloomberg

Aldar Properties PJSC, which built the world’s biggest indoor theme park in Abu Dhabi, will repay the remaining 1 billion dirhams ($272 million) of a 4 billion-dirham loan before the end of this month as it cuts debt.

Abu Dhabi’s largest real estate company will use scheduled cash payments from the government after selling assets to settle the loan, Aldar said in an e-mailed response to questions. The company repaid 3 billion dirhams last year.

Aldar, which won back its investment-grade rating from Moody’s in November, has been repaying loans and extending maturities on others. The company has 9.6 billion dirhams in gross debt and plans to cut that to 6 billion dirhams within a year, Chief Financial Officer Greg Fewer said Nov. 13.

Income from hotels, offices and retail properties is expected to climb as much as 60 percent to 1.6 billion dirhams a year by the end of 2015. Moody’s Investors Service cited recurring income on when it raised Aldar’s credit by two levels to Baa3, its lowest investment grade, on Nov. 26.

Shares of the Ferrari World theme park developer were unchanged at 2.69 dirhams as of 11:16 a.m. local time, having gained about 10 percent in the previous four sessions.