Aldar Properties PJSC, a leading Abu Dhabi-based integrated property developer, on Saturday announced that it had priced its benchmark AED3.75 billion ($1 billion) 5-year Sukuk Al-Ijara at 3-month EIBOR (Emirates Inter-bank Offered Rate) plus 175 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 AED30.9 billion, or $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.” The announcement reflected 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. Aldar had already secured funding in excess of AED34 billion ($9.2 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 percent earmarked for specific developments valued at AED44.2 billion ($12 billion) as of Dec. 31, 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. __
