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Abu Dhabi real estate developer and asset manager Aldar Properties has closed a 9 billion UAE dirhams ($2.4 billion) sustainability-linked syndicated multi-tranche revolving credit facility (RCF).
The five-year floating-rate senior unsecured committed RCF comes days after Aldar’s inaugural AED 3.67 billion hybrid notes issuance.
Aldar said the syndication attracted “strong demand” from 15 global and regional financial institutions. Participating banks include 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 facility incorporates both conventional and Islamic tranches across AED and USD currencies and is both committed and revolving, linked to a floating rate to capitalise on conducive market conditions.
With the RCF, Aldar said its liquidity position has reached AED 27 billion.
In January 2025, Moody’s reaffirmed Aldar’s Baa2 credit rating with a stable outlook.
(Writing by Bindu Rai, editing by Seban Scaria)
