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Abu Dhabi's Tourism
Development & Investment Co (TDIC), which reported
on Monday that its losses had narrowed in 2013, has secured full
financing to repay $2 billion in maturing bonds this year, the
state-owned firm said.

TDIC, which is building iconic museums such as the Louvre
and Guggenheim in Abu Dhabi, has a $1 billion conventional bond
repayable on July 2 and a $1 billion sukuk (Islamic bond) due
for payment in October.

"We have completed 100 percent of our refinancing activities
to ensure there is no risk to TDIC or our shareholders in
regards to maturing debt," TDIC said in a statement to Reuters.

The refinancing has allowed TDIC to extend the duration of
its debt considerably while capitalising on financing rates that
are near historic lows, it added without giving details.

Many United Arab Emirates firms are refinancing debt to take
advantage of a low interest rate environment and an improvement
in UAE business confidence since the global credit crisis.

TDIC has secured a loan from a local bank to repay the bond
maturing in July, the company's financial report for 2013 said.

The report also said it was in the process of finalising two
separate financing agreements in 2014 "aiming to have all
documents in execution form in order to comfortably close before
the maturity dates of the $1 billion sukuk". It did not provide
details of the banks or the terms.

TDIC has begun negotiations to sell some of its assets at an
agreed price of 1.24 billion dirhams ($338 million), its report
said. The assets include a five-star hotel, residential
apartments, villas and a retail district as well as a beach plot
on Abu Dhabi's Saadiyat Island.

It took a 658.4 million dirham write-down on the five-star
hotel, residential apartments and villas that was booked in
2013.

On Monday TDIC reported a net loss of 1.13 billion dirhams
for 2013 compared to a loss of 2.15 billion dirhams in the
previous year.

Depreciation, impairments and amortisation in 2013 totalled
1.18 billion dirhams, against 1.49 billion dirhams in 2012, it
said. Its revenue for 2013 increased to 3.58 billion dirhams
from 1.27 billion dirhams.

Development work-in-progress totalled 3.67 billion dirhams,
the statement said, while TDIC's total assets grew to 43.4
billion dirhams from 41.4 billion dirhams.

(Editing by Andrew Torchia)