DUBAI: Abu Dhabi's Aldar Properties will cut its debts by more than a third over the next two years, its chief financial officer said on Monday, extending a trend that has already led to credit agencies upgrading their ratings on the company.

Aldar, 34 percent-owned by Abu Dhabi government fund Mubadala Development Co., had 9.6 billion dirhams ($2.6 billion) of debt as of Sept. 30 — down from 13.8 billion at the end of 2013 and set to fall to 6 billion over the next two years.

The reduction is down to Aldar, which merged with state-backed Sorouh Real Estate in June 2013 and which ranks as the emirate's largest developer, using some of the money due from Abu Dhabi's government to repay debt, Chief Financial Officer Greg Fewer told Reuters.

As of Sept. 30, the builder of Abu Dhabi's Formula One motor racing circuit was due 6.4 billion dirhams from the government over the following three years. It does not have any immediate plans to refinance existing borrowing.

"We have an ongoing programme of receivables from the government who have purchased land and (are) reimbursing us for infrastructure we have developed on their behalf," said Fewer in a phone interview.

"Those agreements create this very visible and reliable stream of cash flows from the government that drive our strategy, which is to deleverage."