Skip to content Skip to Search
Skip navigation

Aldar prepares for new 10-year green Islamic bonds

Aldar Properties HQ. The developer's new bonds will be managed by HSBC and Standard Chartered Alamy via Reuters
Aldar Properties HQ. The developer's new bonds will be managed by HSBC and Standard Chartered

Aldar Properties, the largest developer in Abu Dhabi, has appointed banks for its US-dollar-denominated 10-year green Islamic bond, according to a news report.

HSBC and Standard Chartered Bank will lead as joint global coordinators, Reuters reported, citing a bank document.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Morgan Stanley are joint lead managers and bookrunners, the report said.

The unsecured benchmark sukuk  – sharia-compliant bonds – will be part of the $2 billion loan programme of Aldar Investment Properties, a subsidiary of the Abu Dhabi-listed developer.

The proceeds will be used to finance, refinance and invest in certain green projects, the report said.

A benchmark-size offering means at least $500 million.

The developer’s 10-year green debut Islamic bond was more than four times oversubscribed by regional and international investors, Faisal Falaknaz, Aldar’s acting chief finance and sustainability officer, told AGBI last May

Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond. 

The agency expects the release of sukuk to hover between $160 billion and $170 billion this year after a strong start to 2024. 

Latest articles

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]

Dhahran is home to the King Abdulaziz Center for World Culture. Retal will build almost 2,000 homes in the city

Retal wins $770m contract to build in Dhahran

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn.  Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […]

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

More low-cost airline routes planned for Saudi Arabia

Plans to privatise domestic airports have been announced by Saudi Arabia as part of an aviation expansion strategy, which includes imminent licences for more low-cost airline routes, the kingdom’s civil aviation authority said this week.  The General Authority of Civil Aviation has signed an agreement with a consortium led by the Turkish airport operator TAV […]