ALDAR Recognised For Fiscal Excellence Company wins multiple awards for its outstanding sukuk

Published February 10th, 2008 - 02:38 GMT

ALDAR Properties PJSC, Abu Dhabi’s leading integrated property developer, has won awards for its shariah compliant financing, scooping ‘Best Mudarabah Deal’ and ‘Best Real Estate Deal’ for 2007 from Islamic Finance News (IFN) as well as ‘Sukuk Issue of the Year’ from Euromoney magazine.

ALDAR was selected as the winner from over 200 entries worldwide by Islamic Finance News, a leading Malaysia-based weekly publication that focuses on shariah compliant financial markets.

London-based EuroWeek magazine asked the emerging markets teams at the world’s leading investment banks for their views on which had been the best deals of 2007 and ALDAR’s sukuk again emerged as the winner.

ALDAR won Islamic Finance News’ Mudarabah award (a form of Islamic profit/loss-sharing partnership between two parties) against tough competition, with its US$2.53 billion exchangeable sukuk which proved to be the largest exchangeable deal raising capital for the company. The deal entrusts ALDAR to act as mudarib (Islamic investment manager) for investors in the Abu Dhabi property sector. The transaction proved popular in the international markets, with 80% sold in the international markets and penetration into the US institutional market.

The same sukuk also won ALDAR the ‘Best Real Estate 2007’ category. With the proven success of the Dubai real estate market, and great strides being made in the Malaysian, Qatari, Saudi Arabian, Bahraini and Kuwaiti real estate sectors, the judges of the award said that “this deal puts Abu Dhabi on the map” and highlights the opportunities in this strong market. The transaction was the largest exchangeable sukuk, and it represents the first sukuk to be listed in London.

Commenting on the announcement, Ronald Barrott, CEO, ALDAR, said, “Innovation was a hallmark of the transactions that won IFN and EuroWeek Awards, and we are proud to not only be amongst esteemed company in terms of the other winners, but also to have proven our mettle in the international capital markets. I am immensely proud of the ALDAR team for their achievement.”

Shafqat Malik, Chief Financial Officer at ALDAR added, “2007 was a pivotal year for ALDAR’s financing. To successfully list the first-ever sukuk in London was one of the highlights of our fiscal year that also sets us apart from the competition. Naturally, we are very honoured to have received these awards and recognition. Islamic finance will continue to form an important part of our company’s future plans.”

ALDAR Properties’ land bank is the largest in Abu Dhabi and the company has over US $60 billion developments 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’s first international project was announced in August 2007 through a joint venture with South Johor Investment Corp a deal that represents the largest foreign real estate development in Malaysia.  It was followed in October 2007 with plans to build a mixed-use development in Kazakhstan.


About ALDAR Properties:

ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was created to spearhead the development of Abu Dhabi’s strategic sites to fast track real estate investment opportunities within Abu Dhabi and the Emirates.

ALDAR’s initial public offering (IPO) in 2004 offered shares worth AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market.  The IPO, which at the time was the UAE’s largest ever IPO, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion).

ALDAR is owned by leading Abu Dhabi institutions, founder shareholders and individual investors.  It has already announced more than USD 60 billion worth of developments and as of 30 May 2007, the company’s market capitalization is USD 3.5 billion.  The total retail area of all developments is currently over 1.5 million square metres.

The current property portfolio includes major developments and re-developments within the Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.

ALDAR’s first international project was announced in August 2007 through a joint venture with South Johor Investment Corp a deal that represents the largest foreign real estate development in Malaysia.  It was followed in October 2007 with plans to build a mixed-use development in Kazakhstan.

 


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