Tuesday, December 16, 2008

No project scale-backs or staff cuts: Aldar Properties

Despite the current global financial meltdown, Aldar Properties, the leading realty developer of Abu Dhabi, revealed that it has no plans of holding back any of its projects, or laying off any of its staff to cut costs.

A senior official of the company, who spoke to Gulf News, said that although nobody is immune to the financial turmoil, but all projects planned by the company will continue as planned, and there will be no staff cuts.

The ongoing projects by Aldar in Abu Dhabi, including the Central Market project, Formula 1 track, Al Raha Beach residences, and hotel projects will be completed as scheduled, he added.

The Formula 1 track would be ready by next year to host the Formula 1 race of 2009 on November 1st in Abu Dhabi as planned, he confirmed.

The real estate projects across the company's portfolio are estimated to have exceeded $72bn in value.

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