TDIC plans bond sale to fund projects

17 May 2010

Abu Dhabi's Tourism Development and Investment Co has hired banks to sell bonds as it seeks long-term financing for projects, Bloomberg has reported, citing two people familiar with the transaction. TDIC may seek 10-year funding, one of the people said. Last week, Standard & Poor's removed the state-owned developer and two other Abu Dhabi government-controlled companies from creditwatch, citing their 'almost certain' government support.

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