Aldar Properties announced, recently revealed that its investment arm, “Aldar Investment,” has successfully issued its first U.S. dollar-denominated sukuk with a fixed interest rate for a 7-year term, worth $500 million, which will typically be used to finance Aldar’s existing debt.

This marks the first corporate issuance in Abu Dhabi since 2013 and demonstrates Aldar Investment’s strength in effectively and independently raising long-term debt capital, in addition to successfully refinancing Aldar’s outstanding debt obligations.

On this occasion, Greg Fiore, Al Dar’s Chief Financial Officer, said that the successful issuance of these sukuk represents a significant milestone for Al Dar and a key pillar in solidifying Al Dar Investment’s position, noting that all efforts will focus on making Aldar Investment a leading platform that provides cost-effective solutions for real estate owners in the region.

Aldar Investment is considered the largest diversified real estate investment company in the region and holds the highest credit rating for a non-governmental company.