Aldar Properties has been praised by the financial ratings agency Moody’s, which said the company was well-positioned to ride out the global financial crisis because it was adjusting to the changing market conditions and the sharp undersupply of homes in Abu Dhabi.

There is still a demand for another 34,000 homes this year and 27,900 homes next year, the ratings agency said in a report.

Moody’s said it was maintaining Aldar’s credit rating of “A3”, despite the company’s increasing amount of debt and its exposure to any slowdown in the property sector. Lower construction costs are also buffering Aldar from the impacts of the global credit crisis, Moody’s said.

The National