Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE's Aldar sukuk priced, evokes good response  Join our daily free Newsletter

MENAFN - Bahrain Tribune - 08/06/2008

No. of Ratings : 0
Add to Mixx!


(MENAFN - Bahrain Tribune) Aldar Properties, the leading Abu Dhabi-based integrated property developer, announced that it had priced its benchmark Dh3.75 billion five-year sukuk Al-Ijara at three-month EIBOR (Emirates Inter-bank Offered Rate) plus175 basis points. The issue has received an overwhelming response within the GCC and internationally, given current market conditions.

The sukuk has been arranged by Abu Dhabi Commercial Bank, Barclays Capital, Credit Suisse, Dubai Islamic Bank, First Gulf Bank, Lehman Brothers, National Bank of Abu Dhabi, and Noor Islamic Bank.

"As one of the largest UAE-listed property development companies by market value, which now stands at 8.4 billion, we are expecting this new round of capital raising to further enable our already rapid growth. I am confident that investors near and far will feel assured that the company upholds global standards in transparency as well as having strong corporate governance initiatives in place," said Ahmed Ali Al Sayegh, Chairman of Aldar.

Shafqat Malik, Chief Financial Officer, Aldar Properties added: "Today's closure of sukuk follows on the success of our first 2.53 billion exchangeable Sukuk, issued in 2007. The transaction proved popular both at home and abroad."

This announcement follows recognition for Aldar's fiscal excellence in February this year when the company won awards for its Shariah-compliant financing, scooping 'Best Mudarabah Deal' and 'Best Real Estate Deal' from Islamic Finance News (IFN) as well as 'Sukuk Issue of the Year' from EuroWeek magazine.

More recently, Aldar was conferred with the "Best Islamic Financing Award" at Cityscape Abu Dhabi. Prior to today's announcement, Aldar had already secured funding in excess of Dh34 billion (US9.2 billion) to undertake the development projects through convertible bonds (sukuk), capital debt instruments and bilateral debt facilities.

Aldar has been given a high rating of A3 by Moody's and a solid A- by S&P.
Aldar Properties has announced developments worth more than 70 billion since its launch in 2005 including Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.

Aldar has the largest land bank in Abu Dhabi comprising over 34 million square meters, 100% earmarked for specific developments valued at Dh44.2 billion (US12 billion) as at 31 December 2007.

The company is one of the largest UAE-listed property developers by market value and was the first Middle Eastern company to list a sukuk on the London Stock Exchange.


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help