Abu Dhabi’s Tourism Development & Investment Company (TDIC) has delayed plans to issue a bond because of turmoil in the global bond markets.

Several regional companies have already put bond plans on hold, including Abu Dhabi’s Dolphin Energy and Dubai’s Majid al-Futtaim Holding (MAF), which is now planning on raising around $1bn from banks.

TDIC started approaching bond investors in mid-July, and announced in its prospectus for the bond that its 2011 budget had been revised down by around AED5bn because of delays to its development plans (MEED 15:07:11).

MAF is currently in talks with banks to about the $1bn loan deal, which is split between a three-year and five-year tranche, with banks asked to commit in either dirhams or dollars (MEED 15:07:11).

It has approached a group of banks including UK’s Barclays Capital and Standard Chartered, and the local Emirates NBD about funding the loan.