{"id":87710,"date":"2023-12-21T00:00:00","date_gmt":"2023-12-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adib-extends-aed-1-bn-green-loan-to-aldar-properties\/"},"modified":"2023-12-21T00:00:00","modified_gmt":"2023-12-21T00:00:00","slug":"adib-extends-aed-1-bn-green-loan-to-aldar-properties","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/21\/adib-extends-aed-1-bn-green-loan-to-aldar-properties\/","title":{"rendered":"ADIB extends AED 1 bn green loan to Aldar Properties"},"content":{"rendered":"

ADIB and Aldar Properties close AED 1 bn green loan:<\/strong> Abu Dhabi Islamic Bank (ADIB) has extended an AED 1 bn (c. USD 272.2 mn) green bilateral loan to developer Aldar Properties to support the decarbonization of the latter\u2019s investments, according to a statement<\/a> by the lender. The credit line \u2014 on which ADIB acted as the sole facility provider \u2014 brings Aldar\u2019s cumulative ESG-aligned facilities to AED 4.8 bn. The real estate developer is aiming to reach net-zero by 2050<\/a>.<\/p>\n

SOUND SMART-<\/strong>Bilateral loans<\/a> are forms of credit arranged between a borrower and a single lender in a bid to facilitate working capital for developers, and are usually associated with lower complexity and administration challenges for banks. <\/p>\n

Where\u2019s the money going?<\/strong> Aldar will channel the financing package toward expanding green building developments, as well as increasing renewable energy integration across its properties. The proceeds will also fund projects focussing on energy efficiency, sustainable water management, and pollution control across Aldar\u2019s properties. <\/p>\n

Both sides have been upping their climate finance game: <\/strong>Earlier this month, ADIB listed its first USD-denominated green sukuk, raising USD 500 mn<\/a> in an issuance that was 5.2x oversubscribed. The sukuk issuance was part of the lender\u2019s USD 5 bn Trust Certificate Issuance Programme<\/a>. Meanwhile, Aldar secured AED 1 bn<\/a> in ESG-linked loans from the Abu Dhabi Commercial Bank during COP28 to support its corporate sustainability targets. Abu Dhabi\u2019s Aldar Investment Properties \u2014 a unit of Aldar Properties \u2014 raised USD 500 mn<\/a> through its debut 10-year inaugural green sukuk back in May.<\/p>\n","protected":false},"excerpt":{"rendered":"

The credit line \u2014 on which ADIB acted as the sole facility provider \u2014 brings Aldar\u2019s cumulative ESG-aligned facilities to AED 4.8 bn<\/p>\n","protected":false},"author":1,"featured_media":87711,"comment_status":"","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":[1546],"tags":[495,97,356,68,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aabu-dhabi-islamic-bank","tag-aldar-properties","tag-climate-finance","tag-debt-watch","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"ce479a71-4b0e-43de-9c71-5adff488133b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/3994.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"ADIB extends AED 1 bn green loan to Aldar Properties","related_issue":[87700],"teaser":"The credit line \u2014 on which ADIB acted as the sole facility provider \u2014 brings Aldar\u2019s cumulative ESG-aligned facilities to AED 4.8 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.2ce6f552-688c-47bb-a58f-e292ed859532.mp3"},"yoast_head":"\nADIB extends AED 1 bn green loan to Aldar Properties - 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