Abu Dhabi Securities Exchange lists Aldar Properties’ sukuk

Dubai: The Abu Dhabi Securities Exchange (ADX) said Aldar Properties listed its sukuk, marking the first corporate sukuk on the bourse.

The sukuk, which was raised at a profit rate of 4.75 per cent with a 7 year tenor, and started trading on Sunday.

There was strong investor demand for the issue, reflecting Aldar Investments’ status as the region’s highest rated non-government related corporate.

Aldar Investments is a 100 per cent owned subsidiary of Aldar, whose shares are also listed on ADX.

Greg Fewer, chief financial officer of Aldar, said: “Our goal is for Aldar Investments to be the most cost-efficient platform for real estate ownership in the region. The lower cost of capital resulting from the successful sukuk issue is a significant step towards that goal.”

In May 2018, the exchange listed sovereign bonds worth $100 million, issued by the Maldives Government, for the Abu Dhabi Fund for Development.