Aldar rolls out AED 40 bn coastal wellness development: Real estate developer Aldar Properties has launched Fahid Island, a 2.7 mn sqm coastal development in Abu Dhabi with AED 40 bn gross development value, according to a press release (pdf). The island has secured the Leed City Platinum pre-certification and is eyeing the sustainability-linked Estidama 3-Pearl accreditation.

The details: The island, which has an 11-km coastline, will include residential, leisure, hospitality, and education developments and will be built between Yas Island and Saadiyat Island, with connecting pedestrian bridges. The project will contain over 6k residences, including apartments, townhouses, and villas, and the first residential development — Fahid Beach Residences — adding seven buildings with 65 units each to the island.

International partner: Global architects like Kengo Kuma, Koichi Takada, and ACME are involved, as is Emirati architect NAGA Architects. Aldar also said a leading international educational institution was partnering on the project, but did not specify who.

BACKGROUND- Last year, the firm’s Chief Financial and Sustainability Officer Faisal Falaknaz said it was planning a USD 6.8 bn beachfront community that would be built within 5-7 years. Aldar also acquired the land for the development at USD 2.5 bn in 2023.

The proof’s in the financing: Aldar kicked off the year by closing an AED 9 bn sustainability-linked revolving credit facility adding to the roughly USD 1 bn of green sukuk it had sold in the previous two years and boosting its liquidity to AED 27 bn to fuel growth plans. It also recently launched a USD 500 mn green sukuk to raise funds for projects under its green finance framework. The issuance saw order books of over USD 2 bn.

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