Best Islamic real-estate deal – Middle East: Aldar Investment Properties’ $500 million green sukuk
Euromoney Limited, Registered in England & Wales, Company number 15236090
4 Bouverie Street, London, EC4Y 8AX
Copyright © Euromoney Limited 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
AwardsEuromoney Islamic Finance Awards

Best Islamic real-estate deal – Middle East: Aldar Investment Properties’ $500 million green sukuk

Issuer: Aldar Investment Properties Sukuk Limited

Obligor: Aldar Investment Properties

Size: $500 million

Structure: Sukuk al-wakala/murabaha

Tenor: 10 years

Banks: HSBC and Standard Chartered (joint global coordinators and green structurers); Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Mashreq Bank (joint lead managers and joint bookrunners)

Date: May 2023


 

Amid growing issuance of green sukuk across the Middle East, there are certain transactions that stand out. Last year, one such deal was the debut in the format from the UAE real-estate developer Aldar Investment Properties.

The $500 million 10-year green sukuk stood out for several reasons, making it Euromoney’s best Islamic real-estate deal.

Perhaps the most important is that it is the inaugural green sukuk from a company linked to Abu Dhabi’s sovereign wealth fund, which was returning to the international capital markets for the first time since 2019.

Combined with the size and scale of Aldar – it is Abu Dhabi’s biggest developer – and capital markets track record (Aldar has two outstanding sukuks maturing in 2025 and 2029), these qualities were crucial in attracting impressive demand for the transaction, which peaked at over $2.3


Gift this article