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Aldar secures $2.5bn credit facility to support growth

The Haven residential community developed in Dubai by Aldar-Dubai Holding joint venture Aldar
The Haven residential community developed in Dubai by Aldar-Dubai Holding joint venture

Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives.

The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions.

The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED and USD, is linked to a floating rate to capitalise on conducive market conditions. It is also linked to sustainability-linked KPIs.

The participating entities 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, J.P. Morgan, Mashreq, National Bank of Kuwait, National Bank of Ras Al Khaimah and Sharjah Islamic Bank.

The AED27 billion liquidity, as of September 30, 2024, comprises free and
unrestricted cash and bank balances of AED9.5 billion and undrawn committed
revolving credit facilities of AED17.4 billion. The average debt maturity stands at 5.2 years.

Last week, Aldar said the order book for its inaugural $1 billion hybrid capital issuance exceeded $4.9 billion from global institutional investors.

Moody’s reaffirmed Aldar’s “Baa2” credit rating with a stable outlook and assigned a standalone credit rating of “Baa3” to the hybrid notes this month.