{"id":84230,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/05\/16\/tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year\/"},"modified":"2024-05-16T00:00:00","modified_gmt":"2024-05-16T00:00:00","slug":"tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/05\/16\/tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year\/","title":{"rendered":"Tabreed is set to issue USD 1.2 bn green bonds next year"},"content":{"rendered":"

District cooling firm Tabreed is set to <\/strong>issue green bonds or sukuk to refinance USD 1.2 bn in debt in 2025<\/strong>, Tabreed CFO Adel Salem Al Wahedi told Asharq Business (watch, runtime: 6:40<\/a>). The funds raised from the planned green sukuk issuance will be used to pay off USD 500 mn in bonds issued in 2018<\/a>, due to mature in October 2025, Al Wahedi added. <\/p>\n

More details: <\/strong>The issuance will also be used to pay back a USD 700 mn loan obtained in September 2020, scheduled to be settled in March 2025, to finance the purchase of a 80% stake in Emaar Properties\u2019<\/a> Downtown Dubai district cooling business back in March 2020. <\/p>\n

The company is looking to expand in existing markets, and enter new ones:<\/strong> Tabreed is considering expanding into the Indian market in partnership with India\u2019s real estate giant Tata Realty<\/a> \u2014 a wholly-owned subsidiary of Tata Sons, Al Wahedi said. Tabreed is currently working on hedging against India\u2019s rising inflation and the fluctuation of its currency in preparation for entering the market. The firm is also looking to expand in other countries where it operates, including Saudi Arabia, the UAE, Bahrain, and Oman, and is studying new markets such as Jordan, Indonesia, Thailand, and Vietnam. <\/p>\n

Egypt remains a promising market for the company<\/strong> \u201cif the local currency continues to stabilize,\u201d according to the CFO, who added that the firm\u2019s exit from the CapitalMed project<\/a> in Egypt did not affect the company\u2019s financial results. The exit came due to a lack of a \u201cbusiness case\u201d amid FX instability in the country, with CapitalMed\u2019s investments planned in USD and the returns from the project expected to come in EGP. <\/p>\n

Tabreed had a disappointing 1Q: <\/strong>News of a new sukuk issuance follows a drop in the company's net income by 52% y-o-y in 1Q 2024<\/a>. The district cooling company\u2019s revenues remained relatively flat in 1Q at AED 468 mn, up 0.8% y-o-y from the AED 464 mn reported during the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The money will be used to pay back a USD 700 mn loan set to mature in 2025<\/p>\n","protected":false},"author":1,"featured_media":84231,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,49,153,200,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-green-bonds","tag-green-sukuk","tag-tabreed","tag-uae","wpautop","entry"],"acf":{"mongo_id":"6cecd573-57e2-4dee-977d-727b88bb01cf","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1764.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tabreed is set to issue USD 1.2 bn green bonds next year","related_issue":[84223],"teaser":"The money will be used to pay back a USD 700 mn loan set to mature in 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4a1202b9-9332-449f-b39d-fb291159bd24.mp3"},"yoast_head":"\nTabreed is set to issue USD 1.2 bn green bonds next year - 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