TDIC on track to Achieve Positive EBITDA Performance in 2012
WAM Abu Dhabi, June 28th, 2012 (WAM) -- Tourism Development '&' Investment Company (TDIC), master developer of tourism, cultural and residential projects in Abu Dhabi, today released its 2011 results and achievements.
The year 2011 was a monumental year for TDIC, as many of its high-profile hospitality projects progressed from development projects to operating assets. This resulted in the company's flagship project, Saadiyat, coming to life, and now thousands of people both live in the island's residential communities and enjoy its various hospitality and leisure facilities. Additionally, TDIC exceeded company expectations related to the continued sales of villas in the Saadiyat Beach Villas residential community.
Sultan Mohamad Al Mahmood, TDIC's Executive Director of Strategic Performance, said: "2011 was a very significant year for TDIC, as we delivered a number of our high-profile hospitality assets in Saadiyat and Abu Dhabi. These newly-opened properties began to stabilise by the end of 2011, and looking forward to 2012, will provide a strong uplift to the company's earnings. In 2011, TDIC saw its portfolio of operating assets grow 147 per cent to just over AED 9 billion." Last year's Abu Dhabi Tourism and Culture Authority's figures showed how the Emirate is experiencing an increase in visitors year-on-year; 2011's guest figures show a 17 per cent increase when compared to 2010. TDIC's hotels cater to varying segments of the tourism market and are ready to capitalise on this increase in Abu Dhabi's popularity as a destination of distinction," he said.
During 2011, TDIC improved various aspects of its business practices, including its Emiratisation rate, which increased from the previous year's figure of 10 per cent to 30 per cent; TDIC's senior management is also currently 50 per cent Emirati. The company completed its transition from a pure development company to a real estate company that develops, operates and privatises tourism assets.
TDIC also experienced a highly-successful year of leasing its residential communities on Saadiyat. The St. Regis apartments, which form part of The Residences at The St. Regis Saadiyat Island Resort, were launched for leasing at the beginning of November 2011, and majority of the apartments were successfully leased out in three months. Looking to 2012, TDIC anticipates another highly-successful year of leasing figures, as it gears up to launch the Saadiyat Beach Apartments and the residential component of the Eastern Mangroves development in Abu Dhabi.
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