Aldar's projects remain on track

Abu Dhabi, Dec 14, 2008 (WAM) - Abu Dhabi's biggest real estate developer Aldar Properties has not slowed down or put on hold any of its projects due to the global financial crisis and has no plans to lay off staff to cut costs, a senior Aldar executive told Gulf News.
"Everybody is affected by the financial tsunami, nobody is immune. However, all projects that we started are going on as planned and we are not laying off any person," said Ousama Ghannoum, Aldar's marketing director.
He said Aldar's ongoing projects in Abu Dhabi, which include the Formula 1 track, Central Market project, hotel projects and Al Raha Beach residences, are going to be completed on schedule.
"We have tight delivery schedules and we are going at full speed," Ghannoum said, adding the Formula 1 track would be ready next year to host the last Formula 1 race of 2009 calendar year in Abu Dhabi on Nov-ember 1.
Another top company executive, who did not want to be named, confirmed the company's projects are on track.
Shares of Aldar, one of the largest companies by market capitalisation in the UAE, fell 1.3 per cent on Thursday to close at Dh5.28 a share on a rising Abu Dhabi Securities Exchange.
Aldar's development of real estate projects across its portfolio is estimated to have exceeded US$72 billion in terms of value with the entire portfolio slated to be completed and delivered over a period of seven to 10 years.
The global credit crunch has roiled world's top banks and bankrupted several companies.
As well, it has left many of them on the brink - the three main US automakers, General Motors, Chrysler and Ford, being prime examples.
The unprecedented global financial crisis has to date wiped out trillions of dollars from the world's financial system.