ALDAR signs AED 2,203,800,000 Ijara Facility.Properties PJSC PJSC Public Joint Stock Company
PJSC Private Joint Stock Company , the renowned Abu Dhabi-based property developer, announced today a AED AED - Automated Engineering Design 2.203 billion (US$ 600 million) Ijara facility, has been put in place for the company.
The Ijara facility is equally financed by Abu Dhabi Commercial Bank Abu Dhabi Commercial Bank, commonly called ADCB, is a bank in the United Arab Emirates. , Abu Dhabi National Islamic Finance (a subsidiary of National Bank of Abu Dhabi), Badr Al-Islami (the Islamic Banking Division of Mashreq bank psc), Dubai Islamic Bank The Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975. Financial Information
Figure 2004 2003 2002
Total Assets 30,613,361 22,778,319 19,587,790
Shareholder's Equity 2,687,419 1,548,180 1,473,986
NIAT 461,003 234,456 159,798 , First Gulf Bank and Noor Islamic Bank.
Dubai Islamic Bank (represented by its investment banking arm, Millennium Capital Limited, regulated by the Dubai Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. "DFSA DFSA Dubai Financial Services Authority (Dubai International Financial Centre)
DFSA Direct File System Access (MOSIX)
DFSA Drug-Facilitated Sexual Assault
DFSA Deterministic Finite State Automaton ") acted as structuring and documentation agent for the transaction, while National Bank of Abu Dhabi acted as security agent. Allen and Overy advised ALDAR on the transaction while Clifford Chance LLP acted as the banks' counsel.
"The success of this transaction, particularly given the challenging global financial environment, is an important endorsement of ALDAR's track record. We are grateful to each of the participating banks for their support and we are proud to have Islamic finance contributing to our business model," said Ahmed Ali Al Sayegh, Chairman of ALDAR.
Further commenting on the announcement, Ahmed Ali Al Sayegh, said: "The successful close of this Ijara facility has again shown ALDAR to be a reputable, trustworthy and sophisticated company in its approach to the debt markets."
The transaction has been approved by the Shariah Supervisory Boards of the lead arrangers, making it fully compliant with the principles of Islamic finance. The facility has a four year tenor and will be used for general corporate purposes in support of ALDAR's business plan and growth model.
Today's announcement comes just a few days after Moody's Investors Service Moody's Investors Service
A leading global credit rating, research and risk analysis firm.
Moody's Investors Service
A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. assigned long term local and foreign currency issuer ratings of A3 to ALDAR. Moody's, a leading provider of independent credit ratings, research and financial information to the capital markets, has described the outlook for ALDAR as stable. "ALDAR's ratings are supported by its leading market position within the Emirate e·mir·ate
1. The office of an emir.
2. The nation or territory ruled by an emir.
Noun 1. emirate - the domain controlled by an emir of Abu Dhabi, whose real estate market is bolstered by a combination of strong demographic growth and a growing domestic economy. Ratings also benefit from the company's intention to build a significant rental property portfolio, which will ultimately support a stable and predictable income stream over the medium to long term," it said.
In February this year, the company won awards for its shariah compliant financing, scooping 'Best Mudarabah Deal' and 'Best Real Estate Deal' from Islamic Finance News (IFN IFN
IFN Interferon, see there ) as well as 'Sukuk Issue of the Year' from EuroWeek magazine. Prior to today's announcement, ALDAR had already secured funding in excess of AED 34 billion (US$9.2 billion) to undertake the development projects through convertible bonds (sukuk), capital debt instruments and bilateral debt facilities.
ALDAR Properties has announced developments worth more than US$65 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% earmarked for specific developments valued at AED 44.2 billion (US$12 billion) as at 31 December 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 London Stock Exchange
London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. .
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