Latest news with #Falaknaz
The National
29-04-2025
- Business
- The National
Aldar Properties views weaker dollar as opportunity to boost overseas sales
Aldar Properties, Abu Dhabi's biggest listed developer, has not seen its business adversely affected by tariff-induced trade wars and a weaker dollar, with the latter giving the company an opportunity to boost sales overseas, a senior executive has said. Aldar has maintained a "very strong" balance sheet and will "continue benefitting from the very strong macroeconomic environment" in the Emirates, chief finance and sustainability officer Faisal Falaknaz told The National on a conference call to announce the company's first-quarter results on Tuesday. "We have not seen any impact on sales. It's business as usual, whether on the collection side or the sales side [owing to the UAE's] very pro-economic development and trade." Meanwhile, the weakening dollar, the result of tariff flip-flopping by US President Donald Trump's administration and the reaction of America's trade partners, offers an opportunity for Aldar's international sales network, Mr Falaknaz said. The situation will allow the developer to "focus on selling in countries that are not pegged to the dollar", such as those sold to Chinese investors in 2024 that resulted in first-time sales for that demographic passing the billion-dollar mark, he said. "This year, in the first quarter by itself, we've already crossed a billion [overall] and so we continue to see very strong demand across many different international investors and resident expats. Things continue to look very positive going forward," he added. Aldar posted robust results in the first quarter, underpinning the strength of its new developments and existing inventory. Net profit attributable to equity holders of the company in the three months that ended on March 31 jumped by nearly a quarter annually to Dh1.64 billion ($446.5 million), Aldar said in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue and rental income leapt 38.6 per cent compared with the previous year to reach Dh7.79 billion, while earnings per share were up more than 25 per cent at Dh2.02. "These gains are underpinned by disciplined financial management and strong operational execution, even as we adapt to the new corporate tax environment," Mr Falaknaz said. Aldar's shares were trading up 1.56 per cent at Dh8.45 at 11.47am UAE time, up 2.6 per cent after the results were announced. Aldar is also maintaining its full-year guidance, with ebitda at between Dh10.4 billion and Dh10.8 billion, development sales between Dh36 billion and Dh39 billion, and investments between Dh3.2 billion and Dh3.3 billion, Mr Falaknaz said. "We have a busy calendar coming up in terms of launches across our key master plan," he added. Aldar's cash position also remains strong, having completed four financing transactions in the first three months of 2025 totalling Dh6.3 billion, including hybrid issuances, the region's largest sustainability-linked real estate loan and a $500 million green facility. In February, Moody's Investors Service reaffirmed Aldar's investment grade rating at Baa1 with a stable outlook, "further underscoring our financial resilience", Mr Falaknaz said. Aldar has kept in step with the growing Abu Dhabi and UAE real estate market. The company has said it plans to launch a number of projects this year in Abu Dhabi, including Al Fahid Island development, as well as projects on Yas and Saadiyat islands. It unveiled 12 projects last year. In February, it unveiled The Wilds in Dubai, featuring what it says will be the "largest and most diverse collection of wildlife within a residential community in the emirate', amid surging property demand. Internationally, Aldar posted "strong" performance in Egypt, while sales in the UK surged 160 per cent amid an expanded development pipeline.
Al Etihad
13-03-2025
- Business
- Al Etihad
Aldar subsidiary raises $500m through green sukuk
13 Mar 2025 22:04 ABU DHABI (ALETIHAD)Aldar Investment Properties (AIP), a subsidiary of Aldar Properties (Aldar), and owner-manager of Dh28 billion portfolio of income-generating properties, has successfully raised $500 million through a 10-year green sukuk. The issuance saw overwhelming investor demand, with an order book exceeding $3.6 billion, making it 7.2 times oversubscribed, a statement from Aldar said. Regional investors accounted for 61% of allocations, while international investors took up the remaining 39%.With a 5.25% coupon rate, the sukuk was competitively priced at a spread of 110 basis points over 10-year US Treasuries. It follows a similar green sukuk issued in May 2024 when Aldar achieved its lowest-ever spread for a public debt issuance. The strong investor demand was supported by Moody's reaffirmation in January of investment-grade ratings of Aldar and AIP of Baa2 and Baa1 respectively, with a stable outlook. The transaction marked the company's third green sukuk issuance under its $2 Billion Trust Certificate Issuance Programme launched in May Falaknaz, Chief Financial and Sustainability Officer at Aldar Properties, commented: 'Aldar's ability to consistently achieve a favourable cost of capital, even in the context of global market volatility, underscores the strength of our financial position and disciplined capital management. The strong demand for our latest green sukuk is a clear sign of investor confidence in our strategy and commitment to sustainable growth.'Proceeds will be deployed in accordance with Aldar's Green Finance Framework, which guides a broad programme of sustainability initiatives, including Aldar's ongoing investments in optimising energy efficiency. To date, Aldar has invested over Dh150 million in retrofitting 67 properties with new measures designed to optimise energy efficiency and reduce new issuance supports the early redemption of a sukuk maturing in September 2025 and the repayment of outstanding bank debt.
