At a time when real estate companies across the Middle East are seeking deeper, more flexible pools of capital, Aldar Properties’ AED9 billion ($2.45 billion) sustainability-linked revolving credit facility represented a landmark moment for Shariah-compliant financing in the sector.
The deal was the largest sustainability-linked syndicated financing ever completed by a real estate company in the Middle East.
Attracting commitments from 15 leading regional and international institutions, the five-year facility stood out for its scale and its structure. Emirates Islamic – winner of the Middle East’s best Islamic bank in the 2026 Islamic Finance Awards – acted as one of the bookrunners, arrangers and financiers on the transaction, which combined Islamic and conventional tranches across AED and US dollar facilities.
The Islamic component was arranged through a commodity murabaha structure, enabling Aldar to access Shariah-compliant liquidity while maintaining the flexibility of a revolving financing solution.
The deal was the largest sustainability-linked syndicated financing ever completed by a real estate company in the Middle East
By combining multiple currencies, Islamic and conventional funding formats, and a broad syndicate of regional and international liquidity providers, the transaction highlighted how Shariah-compliant financing can form an integral part of increasingly sophisticated corporate capital structures.
For Aldar, the facility represented a major strengthening of its financial platform. Six times larger than any single-bank financing previously completed by the company, it provided substantial committed liquidity to support the growth of its development and investment businesses, including expansion beyond Abu Dhabi into Dubai, Ras Al Khaimah and international markets such as Egypt and the UK.
The transaction also reinforced the alignment between Islamic finance and sustainable economic development. By linking the facility to measurable sustainability key performance indicators (KPIs), the financing supported Aldar’s environmental, social and governance (ESG) commitments, while contributing to the UAE’s broader ambitions around sustainable urban development.
The other participating banks were Abu Dhabi Commercial Bank, Ajman Bank, Bank of China, Citi, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, JPMorgan, Mashreq, National Bank of Kuwait, National Bank of Ras Al Khaimah and Sharjah Islamic Bank.
