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Dubai: Aldar Properties on Monday said, it has raised Dh2.2 billion ($600 million) through an 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 mashreq), 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 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," said Ahmad Ali Al Sayegh, chairman of Aldar.
Support
"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," he 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," added Al Sayegh
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