Aldar Properties was praised by the financial ratings agency Moody's, which said the company was well-positioned to ride out the global financial crisis because it was adjusting to the changing market conditions and the sharp undersupply of homes in Abu Dhabi. There is still a demand for another 34,000 homes this year and 27,900 homes next year, the ratings agency said in a report.
Moody's said it was maintaining Aldar's credit rating of "A3", despite the company's increasing amount of debt and its exposure to any slowdown in the property sector. Lower construction costs are also buffering Aldar from the impacts of the global credit crisis, Moody's said. Aldar said recently it was changing the design of some of its buildings and adding more affordable housing to adapt to the changing demands in the Abu Dhabi market.
The company is also taking on more government work. It recently announced it would develop 4,800 homes in the Al Falah project for Emiratis as part of the Government's pledge to give all nationals a free place to live. bhope@thenational.ae