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Rabu, 25 November 2009

ALDAR signs AED 2,203,800,000 Ijara Facility

ALDAR Properties signs an Islamic Ijara Facility
with consortium of leading regional banks

Abu Dhabi, United Arab Emirates, 21 April 2008 – ALDAR Properties PJSC, the renowned Abu Dhabi-based property developer, announced today a AED 2.203 billion (US$ 600 million) Ijara facility, has been put in place for the company.

The Ijara facility is equally financed by Abu Dhabi Commercial Bank, Abu Dhabi National Islamic Finance (a subsidiary of National Bank of Abu Dhabi), Badr Al-Islami (the Islamic Banking Division of Mashreq bank psc), Dubai Islamic Bank, First Gulf Bank and Noor Islamic Bank.

Dubai Islamic Bank (represented by its investment banking arm, Millennium Capital Limited, regulated by the Dubai Financial Services Authority “DFSA”) acted as structuring and documentation agent for the transaction, while National Bank of Abu Dhabi acted as security agent. Allen and Overy advised ALDAR on the transaction while Clifford Chance LLP acted as the banks’ counsel.

“The success of this transaction, particularly given the challenging global financial environment, is an important endorsement of ALDAR’s track record. We are grateful to each of the participating banks for their support and we are proud to have Islamic finance contributing to our business model,” said Ahmed Ali Al Sayegh, Chairman of ALDAR.

Further commenting on the announcement, Ahmed Ali Al Sayegh, said: “The successful close of this Ijara facility has again shown ALDAR to be a reputable, trustworthy and sophisticated company in its approach to the debt markets.”

The transaction has been approved by the Shariah Supervisory Boards of the lead arrangers, making it fully compliant with the principles of Islamic finance. The facility has a four year tenor and will be used for general corporate purposes in support of ALDAR’s business plan and growth model.

Today’s announcement comes just a few days after Moody’s Investors Service assigned long term local and foreign currency issuer ratings of A3 to ALDAR. Moody’s, a leading provider of independent credit ratings, research and financial information to the capital markets, has described the outlook for ALDAR as stable. “ALDAR’s ratings are supported by its leading market position within the Emirate of Abu Dhabi, whose real estate market is bolstered by a combination of strong demographic growth and a growing domestic economy. Ratings also benefit from the company’s intention to build a significant rental property portfolio, which will ultimately support a stable and predictable income stream over the medium to long term,” it said.

In February this year, the company won awards for its shariah compliant financing, scooping ‘Best Mudarabah Deal’ and ‘Best Real Estate Deal’ from Islamic Finance News (IFN) as well as ‘Sukuk Issue of the Year’ from EuroWeek magazine. Prior to today’s announcement, ALDAR had already secured funding in excess of AED 34 billion (US$9.2 billion) to undertake the development projects through convertible bonds (sukuk), capital debt instruments and bilateral debt facilities.

ALDAR Properties has announced developments worth more than US$65 billion since its launch in 2005 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 has the largest land bank in Abu Dhabi comprising over 34 million square meters, 100% earmarked for specific developments valued at AED 44.2 billion (US$12 billion) as at 31 December 2007. The company is one of the largest UAE-listed property developers by market value and was the first Middle Eastern company to list a sukuk on the London Stock Exchange.

- Ends –

About ALDAR Properties:
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders

About the Financiers
About Abu Dhabi Commercial Bank (“ADCB”)
Abu Dhabi Commercial Bank – ADCB is a diversified full service bank. Other than banking services that span corporate, retail and commercial banking ADCB is active in the areas of treasury derivatives, infrastructure finance, private banking and wealth management.
Our approach is driven by the ability to create value for our customers by leveraging our skills and expertise. Amongst UAE banks, ADCB enjoys one of the largest deposit base with total assets as at 31/12/2007 of AED 106.2 billion and net profit of AED 2085 million in 2007.
Our strong franchise, supported by a network of 44 branches in the UAE, including 2 pay offices, 2 Kiosks besides 2 full fledged branches in India is reflected in our recent rating of Aa3 by Moody's, which is the highest awarded to a bank instrument in the Middle East.
The Government of Abu Dhabi, through Abu Dhabi Investment Council, holds 65% of the capital while the rest is held by various UAE Institutions and Nationals. ADCB’s market capitalization as of 31/12/2007 was AED 25.7 Billion (US$7Billion).

About Abu Dhabi National Islamic Finance (“ADNIF”, subsidiary of National Bank of Abu Dhabi)
…..a new Islamic Finance organization which started its business in 2008, is from the breed of the largest, award winning banking institution of the UAE - The National Bank of Abu Dhabi with 40 years of experience and a recipient of many national and international awards. With an expected official launch in mid 2008, ADNIF as a fully sharia compliant organization has its strength in innovative sharia compliant products, team of well experienced, dedicated Islamic bankers with excellent tract record in Abu Dhabi & beyond. It also has a dedicated team for Legal, Shari’a Compliance, Financial control, Operations & back office, a reputed Sharia Board with the top most sharia scholars of the likes of Dr.Jasim Ali Salem Al Shamsi, Sheikh Nizam Ya’kouibi, and Dr. Abdul Sattar Abu Ghudda. Through its dedicated Corporate , Retail, Treasury & Investment divisions, ADNIF strategy is to offer a range of Sharia compliant banking & finance services with Islamic banking division –NBAD (managed by ADNIF) which complements each other.
In a market flooded with competitors, big promises and complex products, ADNIF believes in providing real solution in line with its clear market positioning and brand-promise ‘……pure & simple’

About “Badr Al-Islami” (Islamic Banking Division, Mashreqbank psc)
Established in 2006, Badr Al Islami is an independently managed business comprising Badr Al-Islami Finance and Badr Al-Islami Banking. Badr Al-Islami Finance, which is majority owned by Mashreq, is a private joint stock Islamic Finance Company and Badr-Al Islami Banking is the Islamic Banking Division of Mashreq.
With a diverse portfolio, Badr Al Islami offers its customers a complete spectrum of Sharia compliant products with high quality services. Its mission is to build a culture for customers’ experience around the core Islamic values of trust, integrity, commitment and dedication.
Badr Al Islami is subject to the supervision of UAE Central Bank and an independent accounting firm, as well as, the Sharia Supervisory Board.
For further information about Badr Al Islami please visit

About Dubai Islamic Bank
DIB, established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE’s Best Islamic Bank. DIB has also received many awards from international organizations such as the prestigious “Bank of the Year - UAE” award for 2006 by The Banker magazine and accolades from Euromoney. DIB has garnered the attention of international credit rating firms receiving ratings from Standard & Poor’s and Moodys agencies

About First Gulf Bank (“FGB”)
As one of the leading banks in the UAE, First Gulf Bank (FGB) has Shareholder Equity of over AED10 billion making it one of the largest equity based bank in the UAE. Established in 1979 and headquartered in the UAE capital Abu Dhabi, the bank provides financial services in various business and industrial areas with a wide network of branches across the Emirates.

About Noor Islamic Bank (“NIB”)
Founded in 2007 in Dubai, Noor Islamic Bank stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today’s consumers. A full service bank, Noor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services. Noor Islamic Bank’s products and services are governed by a Shari’ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has 10 locations across the UAE in Abu Dhabi, Al Ain, Dubai and Sharjah. Please visit:

Role and Titles:

Facility Agent:
National Bank of Abu Dhabi

Investment Agent:
Dubai Islamic Bank

Security Agent:
National Bank of Abu Dhabi

Structuring and Documentation Agent:
Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited, regulated by the DFSA)

In case of any questions relating to the above, please contact:
Abu Dhabi Commercial Bank
PO Box: 939
Abu Dhabi, UAE
Corporate Communications
Corporate Communications Tele: +971 2 696 2222
Fax: +971 2 677 6499

Abu Dhabi National Islamic Finance (subsidiary of National Bank of Abu Dhabi)
PO Box 4, Abu Dhabi
Corporate & Commercial Division
Moawia A. Elamin Head of Corporate & Commercial Division Tel: +971 2 611 5160
Mob.+971 508115014
Jamsheed Hamza Relationship Manager Tel. +971 2 611 5162
Mob.+971 508128976

Badr Al-Islami (Islamic Banking Division, Mashreqbank psc)
PO Box 1250,
Deira Dubai
Corporate and Investment Banking
Moinuddin Malim Head of Corporate and Investment Banking Tel: +971 4 2077297
Fax: +971 4 2077984
Iqbal Hassan Khanyari Vice President,
Originations & Large Corporates Tel: +971 4 2077513
Fax: +971 4 2077984

Jean Paul Karzan Vice President
Team Leader,
Mashreqbank psc Tele: +971 2 6127219
Fsx: + 971 2 6270910
Shaikha Al Naqbi Relationship Manager
Mashreqbank psc Tele: + 971 2 6127210
Fax: + 971 2 6270910
Email shaikhaal@mashreqbank

Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited, regulated by the DFSA)
PO. Box 1080
United Arab Emirates

Project Finance, Structured Finance & Syndications
Junaid Ahmed SVP & Head of Corporate Banking Tel: +971 4 211 2004
Mob: +97 150 653 8023

Rehan Shaikh Divisional Head Corporate Banking Tel: +971 2 614 8670
Mob: +971 50 888 7215

Fawad Hussain Vice President Tel: +971 4 363 4173
Mob: +97 150 506 6910

Haaris Masood
Manager Tel: +971 4 363 4118
Mob: +971 50 225 8431

First Gulf Bank
PO Box 6316, Abu Dhabi, UAE

Abdullah Albeidh Vice President Tel: +971 2 692 0730
Mob: +97 150 8229198
Faisal Khan Manager Tel: +971 2 692 0298
Mob: +97 150 1506112

Noor Islamic Bank
PO Box: 8822, Dubai. UAE

[to be filled in by respective bank]
Aamer H. Zaidi Head of Corporate Banking Group Tel: +971 4 4268 227
Mob: +971 50 1533225
Muhammad Shahbaz
Regional Head - Abu Dhabi & Al Ain
Corporate Banking Group Tel: +971 4 4268 626
Mob: +971 50 641 9930

Allen & Overy LLP
PO Box 7907
Abu Dhabi
United Arab Emirates
Allen & Overy is an international legal practice with offices in 28 locations globally, including Abu Dhabi, Dubai and Riyadh. Allen & Overy's Abu Dhabi office advises on all aspects of banking, project finance, corporate and Islamic finance transactions.
Ibrahim Mubaydeen Partner Tel: +971 2 418 0401
Mob: +971 506 158 457
Samer Abdelhaq Senior Associate Tel: +971 2 418 0406
Mob: +971 506 671 186

Clifford Chance LLP
3rd Floor, The Exchange Building
Dubai International Financial Centre
PO Box 9380, Dubai, United Arab Emirates

Qudeer Latif Partner (Head of Islamic Finance) Tel : +971 4362 0444
Amar Meher Associate Tel: +971 4362 0444

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