Skip to content Skip to Search
Skip navigation

Aldar secures $2.5bn credit facility to support growth

By Pramod Kumar
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.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.

Why sign uP

  • Exclusive weekly email from our editor-in-chief
  • Personalised weekly emails for your preferred industry sectors
  • Read and download our insight packed white papers
  • Access to our mobile app
  • Prioritised access to live events
Register for free

I’ll register later

Latest articles

Sandstone rock formations rise above the Hisma desert, Neom

Aiman Al Mudaifer named permanent CEO of Neom

Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […]

A Volkswagen dealership in Shenzhen, China. Foreign car makers in China are losing market share to domestic rivals

Volkswagen to export surplus stock from China to Middle East

Volkswagen is to start exporting cars from China, aiming to sell in other Asian markets, South America and the Middle East, its China chief Ralf Brandstaetter has said. Brandstaetter also said that the carmaker was ready to tackle domestic competition in the country. Carmakers in China, including Volkswagen, are grappling with how to make use […]

Oil Terminal Pipes Stop Valve Guest Workers Men In Hard Hats Storage Tank

Iraq to cut oil spending after fall in crude prices

Iraq is seeking to cut operational spending on oil projects while trying to maintain investment in increasing crude production, following a steep fall in prices, the official news agency reported on Tuesday. Prime Minister Mohammed Shia al-Sudani sent a letter to the oil ministry and state-owned oil companies asking them to reduce spending on projects […]

Saudi Arabia and the UAE are leading a Gulf push to transform their electricity grids into 'smart' networks

Foreign companies cash in as Gulf turns to smart power grids

Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids “smart” using artificial intelligence – and increase their share of generation from solar and wind power. That share is expected to almost double in the Middle East and North Africa over the next five years. It will rise […]

Tourists in AlUla, Saudi Arabia. Visitors to the country will soon be able to claim back VAT on purchases

Saudi Arabia to expand VAT base as oil prices fall

Saudi Arabia has introduced new regulations allowing visitors to the country to claim back value added tax (VAT) to facilitate the tourism industry, but it plans to widen the tax base to include online transactions.  The world’s second largest oil producer is facing a steep decline in international oil prices on which the government relies […]

Morocco World Cup loans: Quartier Habous, Casablanca. A rail project will link the city to Marrakesh

Morocco to borrow for World Cup rail and airport projects

Morocco is planning to seek loans to fund multi-billion dollar rail and airport projects as it prepares to co-host the Fifa World Cup in 2030, according to a minister. The projects include a high speed train network linking the commercial capital of Casablanca on the Atlantic with Marrakesh and a new civilian airport in Casablanca, […]

Construction accounts for almost a quarter of total foreign workers in Oman

Bangladeshis dominate foreign labour in Oman

Nearly 1.8 million foreigners work in Oman and more than a third of them are from Bangladesh, a major source of labour for oil-rich Gulf nations, according to official data. Around 637,000 Bangladeshis work in the sultanate, accounting for nearly 35 percent of the total expatriate labour force, reports the April bulletin of the National […]

Total income at Emirates NBD jumped 11 percent year on year to AED12 billion

Emirates NBD profit slips despite strong loan growth

Net profit at Emirates NBD, Dubai’s biggest bank by assets, fell in the first quarter of 2025 compared to a year ago despite growth in loans and interest income. Tax paid caused the bottom line to decline more than 7 percent to AED6.2 billion ($1.7 billion) for the first three months, from AED6.7 billion a […]

A view of NBK headquarters. Customer deposits grew by 6 percent year on year to KD24 billion by the end of March 2025

National Bank of Kuwait earnings hit by corporate tax

Earnings of the National Bank of Kuwait (NBK), the Gulf state’s largest financial institution, fell 9 percent year on year in the first quarter following the imposition of 15 percent corporate tax from January. Net profit fell to KD134 million ($435 million) from January to March, compared to KD147 million a year ago, the lender […]

The MoU allows nuclear regulators of China and Saudi Arabia to cooperate in nuclear safety, non-proliferation and emergency response

Saudi Arabia and China to advance nuclear cooperation

Barely a week after a deal on cooperation with the US, Saudi Arabia and China have agreed to work more closely on nuclear energy development, China’s state-run Global Times reported. The two countries signed a memorandum of understanding at a China-Gulf Cooperation Council forum on nuclear technology in Chengdu on Monday. The agreement comes after […]

An LNG carrier. A tariff war with the US has pushed Chinese buyers to resell US-sourced cargoes and secure new supply deals

Adnoc strikes another LNG deal with Chinese energy major

China National Offshore Oil Corporation (Cnooc) has agreed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (Adnoc), according to two Chinese trading sources and a state media report. It is the third supply contract Adnoc has signed with Chinese buyers recently, following the deals over the weekend with ENN […]

The Jeddah factory, a joint venture between HPDC and BRF, will produce 40,000 tonnes of processed food a year

PIF food unit builds Jeddah factory with Brazilian partner

Halal Products Development Company, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, and Brazilian food processor BRF have started constructing a processed-food factory in Jeddah. The factory is being developed by the joint venture BRF Arabia Holding Company at a cost of $160 million, BRF said in a statement. Established in 2023, the venture […]