Aldar Properties has closed an AED 9 billion ($2.45 billion) sustainability-linked syndicated revolving credit facility, marking the Middle East’s largest such deal by a real estate company.
The transaction follows Aldar’s AED 3.67 billion ($1 billion) hybrid notes issuance this month.
The new facility, which is six times larger than any of the company’s previous single-bank financing, was secured at what officials describe as a historically tight credit spread.
Aldar’s AED9 billion deal attracts 15 global banking institutions
Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar said: “This syndicated facility is a significant milestone that underscores Aldar’s financial strength and our ability to attract funding from a wide range of high-quality institutional sources. It reflects the trust and confidence that global and regional banks place in our business model and trajectory of accelerated growth. This facility, together with our recent hybrid issuance, ensures we remain well-positioned to drive our strategic initiatives, capitalise on emerging opportunities, and create sustainable value for all our stakeholders.”
The five-year facility attracted orders from 15 financial institutions, including Abu Dhabi Commercial Bank, Ajman Bank, Bank of China, Citi, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD Bank, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, J.P. Morgan, Mashreq, National Bank of Kuwait, National Bank of Ras Al Khaimah, and Sharjah Islamic Bank.
The deal incorporates conventional and Islamic tranches across AED and USD currencies, linked to sustainability KPIs.
As of September 2024, the company’s available liquidity stands at AED 26.9 billion, comprising AED 9.5 billion in free cash and AED 17.4 billion in undrawn credit facilities.
Moody’s reaffirmed Aldar’s Baa2 credit rating with a stable outlook in January 2025. The company maintains an average debt maturity of 5.2 years.
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