Aldar recognised for fiscal excellence

Aldar was selected as the winner from over 200 entries worldwide by Islamic Finance News, a leading Malaysia-based weekly publication that focuses on shariah compliant financial markets.

London-based EuroWeek magazine asked the emerging markets teams at the world's leading investment banks for their views on which had been the best deals of 2007 and Aldar's sukuk again emerged as the winner.

Aldar won Islamic Finance News' Mudarabah award (a form of Islamic profit/loss-sharing partnership between two parties) against tough competition, with its $2.53bn exchangeable sukuk which proved to be the largest exchangeable deal raising capital for the company. The deal entrusts Aldar to act as mudarib (Islamic investment manager) for investors in the Abu Dhabi property sector. The transaction proved popular in the international markets, with 80% sold in the international markets and penetration into the US institutional market.

The same sukuk also won Aldar the 'Best Real Estate 2007' category. With the proven success of the Dubai real estate market, and great strides being made in the Malaysian, Qatari, Saudi Arabian, Bahraini and Kuwaiti real estate sectors, the judges of the award said that "this deal puts Abu Dhabi on the map" and highlights the opportunities in this strong market. The transaction was the largest exchangeable sukuk, and it represents the first sukuk to be listed in London.

Commenting on the announcement, Ronald Barrott, CEO, Aldar, said,

"Innovation was a hallmark of the transactions that won IFN and EuroWeek Awards, and we are proud to not only be amongst esteemed company in terms of the other winners, but also to have proven our mettle in the international capital markets. I am immensely proud of the ALDAR team for their achievement."

Shafqat Malik, Chief Financial Officer at Aldar added, "2007 was a pivotal year for Aldar's financing. To successfully list the first-ever sukuk in London was one of the highlights of our fiscal year that also sets us apart from the competition. Naturally, we are very honoured to have received these awards and recognition. Islamic finance will continue to form an important part of our company's future plans."

Aldar Properties' land bank is the largest in Abu Dhabi and the company has over $60bn developments including Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.

Aldar's first international project was announced in August 2007 through a joint venture with South Johor Investment Corp a deal that represents the largest foreign real estate development in Malaysia. It was followed in October 2007 with plans to build a mixed-use development in Kazakhstan.