Abu Dhabi's Tourism Development and Investment Co (TDIC) on Sunday said 12 of its projects worth a "substantial amount" of money are on track and it is in talks with banks over financing options.
"We're in discussion with banks in terms of loans, in terms of sukuk and bond issues," James Pringle, TDIC's executive director of development told reporters at a press conference.
"We're taking advantage of our portfolio, our AA credit rating and the areas of liquidity that still exist around the world," he said, without revealing how much the firm plans to raise.
TDIC last month received AA ratings from agencies Moody's, Standard and Poor's and Fitch.
Pringle declined to reveal how much the 12 key projects are worth, but said they required a "substantial amount of investment".
The projects include city center and island retreats, luxury waterfront resorts and downtown business tourism centers in Abu Dhabi.
Over the next five years, TDIC will contribute more than 7,000 hotel rooms to the projected 30,000 in the emirate. Pringle said TDIC is developing a total of 106 projects both inside and outside Abu Dhabi.
