TDIC on track to achieve positive Ebitda performance in 2012

29/06/2012 08:10 AST

Tourism Development and Investment Company (TDIC), master developer of tourism, cultural and residential projects in Abu Dhabi, on Thursday released its 2011 results and achievements.

Sultan Mohamad Al Mahmood, TDIC’s executive director of Strategic Performance, said: “2011 was a very significant year for TDIC, as we delivered a number of our high-profile hospitality assets in Saadiyat and Abu Dhabi. These newly-opened properties began to stabilise by the end of 2011, and looking forward to 2012, will provide a strong uplift to the company’s earnings. In 2011, TDIC saw its portfolio of operating assets grow 147 per cent to just over Dh9 billion.”

During 2011, TDIC improved various aspects of its business practices, including its Emiratisation rate, which increased from the previous year’s figure of 10 per cent to 30 per cent; TDIC’s senior management is also currently 50 per cent Emirati. The company completed its transition from a pure development company to a real estate company that develops, operates and privatises tourism assets.

Ahmed Al Fahim, executive director of Sales and Leasing for TDIC stated: “In 2011, we accomplished phenomenal sales of TDIC’s residential properties — Dh2.1 billion in sales were closed and these will be reflected in the company’s financial statements as they are handed over to their owners in the coming year. A combination of the opening of revenue-generating assets and exceptional residential sales suggests that 2012’s financial statements could show a positive Ebitda (Earnings Before Interest, Taxes, Depreciation and Amortisation) performance for the first time in the company’s history.”

In 2011, TDIC made significant progress towards improving its long-term financial strength through a series of transactions. These transactions, coupled with strong financial discipline across the company helped TDIC end the year with over Dh2 billion in cash.

Earlier this year the Government of Abu Dhabi announced the confirmed opening dates for the museums of the Saadiyat Cultural District — the Louvre Abu Dhabi is set to open in 2015, Zayed National Museum in 2016 and Guggenheim Abu Dhabi 2017.

Khaleej Times