Emaar to roll over Dh4.5 billion of debt maturing this year

* username: rupertbu

Emaar Properties is planning to roll over most of its loans maturing in the current year into long-term project financing deals, according to company sources.

Out of the Dh8.625 billion interest bearing loans and borrowings as of December-end, 2009, more than half of this, at Dh4.5bn, is maturing within 12 months (from December 31, 2009), the remaining being Dh4.125bn.

During the year, Dh1.706bn worth of loans were written down as part of the discontinued operations of the company's US subsidiary – WL Homes that incurred Dh1.761bn loss during 2009 alone. To a query by Emirates Business as to what Emaar is planning to do about the short-term loans [worth Dh4.5bn] maturing during the current year, a company spokesperson said Emaar Properties will seek to convert them into long-term project financing in the next year.