The cricketer took to social media to share the news with his fans
cricket11 hours ago
The ratings were assigned to TDIC Sukuk Ltd., a Cayman Islands-based special purpose vehicle set up for the programme. Proceeds from the sukuk issuance will be used to develop TDIC’s largest project, Saadiyat Island.
The ratings agencies said the TDIC sukuk has been equalised with those of the government of Abu Dhabi, which has sole ownership of the company through the Abu Dhabi Tourism Authority, or ADTA.
“Although the Abu Dhabi government has not formally guaranteed TDIC’s liabilities, the company has a high-profile policy role in diversifying the Abu Dhabi economy through its real estate and tourism activities,” said Standard & Poor’s in a note.
This, coupled with TDIC’s operational proximity to the Abu Dhabi government, ensures “extraordinary government support is almost certain,” said Standard & Poors.
Current credit ratings of Abu Dhabi reflect the government’s very strong asset position, which provides significant financial flexibility.
Standard & Poors said however, that the ratings are constrained by the geopolitical risks that all sovereigns in the region face, the limited disclosure on the government’s assets, and increasing contingent liabilities arising from the banking system and the UAE’s public sector as a whole.
TDIC’s $3 billion global medium term note programme, set up earlier this year, was also assigned AA status by the three agencies. In August, TDIC tapped HSBC, Abu Dhabi Commercial Bank and Standard Chartered to arrange issuance of a benchmark Islamic bond between $500 million and $1 billion. TDIC is one of the largest property developers in Abu Dhabi in terms of land bank. The group started its operations in 2005 and develops projects on behalf of the government, aimed at enhancing Abu Dhabi’s tourism industry.
TDIC benefits from land grants and other subsidies from the government, which reduces the inherent speculative risk of property development.
The group also develops commercial projects and sells developed land to third parties. Recently, TDIC commisioned Al Jaber Building LLC, an Abu Dhabi-based company, to handle the construction of the 354-villa Saadiyat Beach Villas.
TDIC also awarded a contract to Hilalco to build the infrastructure relating to the project, which includes road works and utilities.
The cricketer took to social media to share the news with his fans
cricket11 hours ago
The recently approved strategy seeks to provide world-class education from early childhood to higher levels of learning
uae11 hours ago
The leadership seeks to raise the standard of living, and improve different sectors such as education and investment
uae11 hours ago
The meeting took place at Abu Dhabi's Qasr Al Bahr
uae11 hours ago
Passengers have been advised to check their flight status on the airlines' websites
uae11 hours ago
Customers working with tighter budgets because of economic uncertainties
economy11 hours ago
Job openings increase 329,000 to 8.040 million in August
economy12 hours ago
Bullion on Monday posted its worst day in over four weeks
markets12 hours ago