ADIB arranges Dh1 billion sustainable facility for Aldar Properties, contributing to Aldar’s total ESG financing facilities of Dh4.8 billion, the company said in a statement on Wednesday. The financing signifies a move towards sustainable financing for Aldar’s projects and investments.
ADIB is the sole facility provider for Aldar’s sustainable projects, including green buildings, energy-efficient property upgrades, sustainable water management, pollution control measures, and renewable energy sources. This facility is part of ADIB’s broader commitment to sustainable financing across various sectors and company sizes.
“We are excited to support Aldar in its effort to decarbonise the real estate industry and extend our long-term relationship to support the company’s dedication to contributing to a low-carbon economy,” said Mohammed Al Fahim, Acting Global Head of Wholesale Banking at ADIB. “The closure of the Dh1 billion Sustainable Finance Facility is a testament to ADIB’s commitment to sustainability and demonstrates how the financial sector can play an active role in expediting the nation’s green transition.”
ADIB has introduced a Sustainable Finance Framework, establishing criteria to classify projects as “green,” “social,” or “sustainable.” This framework determines project eligibility for the bank’s financing or refinancing, including issuing Green, Social, and Sustainability Sukuks.
“Aldar is pursuing a transformational growth strategy and implementing a rigorous programme to achieve net zero by 2050,” said Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar. “Partnership is at the core of our approach, and sustainable financing plays a crucial role in delivering our goals.”
