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