Aldar Properties, Abu Dhabi’s biggest listed developer, has raised Dh9 billion ($2.45 billion) in a sustainability-linked revolving credit facility from a syndicate of 15 UAE-based and international lenders.
The five-year facility boosts Aldar’s liquidity position to nearly Dh27 billion and incorporates both conventional and Islamic tranches across the UAE dirham and US dollar currencies, it said in a bourse filing on Monday.
The multi-tranche facility is linked to a floating rate to leverage favourable market conditions as well as sustainability-linked KPIs (key performance indicators), Aldar said.
It follows the company’s inaugural Dh3.67 billion hybrid notes issuance completed this month, which was oversubscribed 3.8 times, with total orders from global institutional investors exceeding $4.9 billion.
The latest round “underscores Aldar’s financial strength and our ability to attract funding from a wide range of high-quality institutional sources”, said Faisal Falaknaz, group chief financial and sustainability officer at Aldar.
“This facility, together with our recent hybrid issuance, ensures we remain well-positioned to drive our strategic initiatives [and] capitalise on emerging opportunities,” Mr Falaknaz said.
The move supports Aldar’s aim to achieve net zero by 2050 on the back of initiatives including retrofitting of buildings, low-carbon designs as well as using green concrete and green steel in construction.
Aldar’s Green Finance Framework also governs investment in sustainable projects, including green buildings, property upgrades to enhance energy efficiency, sustainable water management, pollution control measures and renewable energy sources.
The developer also raised $500 million through its debut green Islamic bond in 2023 as part of its sustainability agenda.
The global green finance market is projected to reach $28.71 trillion by 2033, from $4.18 trillion in 2023, according to a research report by Spherical Insights.
In the Gulf, developing the right structure and mechanisms for green finance can help the region unlock "$2 trillion in economic growth and more than a million jobs by 2030", according to Strategy& estimates.
Aldar's latest syndication attracted orders from a number of new financiers, the company said. Participating banks include Abu Dhabi Commercial Bank, Ajman Bank, Bank of China, Citi, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, JP Morgan, Mashreq, National Bank of Kuwait, National Bank of Ras Al Khaimah and Sharjah Islamic Bank.
This month, Moody’s reaffirmed Aldar’s Baa2 credit rating with a stable outlook.
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
The years Ramadan fell in May
Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
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JOKE'S%20ON%20YOU
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