Aldar Properties, Abu Dhabi’s largest publicly listed developer, has secured a Dh9 billion ($2.45 billion) sustainability-linked revolving credit facility. The funding, obtained from a group of 15 UAE-based and international banks, strengthens Aldar’s liquidity position, now reaching nearly Dh27 billion.

The five-year facility includes both conventional and Islamic financing options and is available in UAE dirhams and US dollars. Aldar highlighted that the credit is tied to sustainability-linked key performance indicators (KPIs) and features a floating interest rate to utilize favorable market conditions.

This financing comes shortly after Aldar’s Dh3.67 billion hybrid notes issuance earlier this month, which was oversubscribed 3.8 times, with global institutional investors placing orders worth $4.9 billion. Aldar’s group chief financial and sustainability officer, Faisal Falaknaz, said the new facility emphasizes the company’s financial strength and capacity to attract high-quality institutional funding. He added that this financing, along with the hybrid issuance, positions Aldar to pursue strategic goals and capitalize on new opportunities.

The move aligns with Aldar’s commitment to achieving net-zero emissions by 2050. The company has initiated several eco-friendly measures, such as retrofitting buildings, adopting low-carbon designs, and using materials like green concrete and green steel. Aldar’s Green Finance Framework directs investments into sustainable projects, including energy-efficient buildings, renewable energy, and better water management systems.

Previously, Aldar raised $500 million in 2023 through its first green Islamic bond, reinforcing its sustainability agenda. The global green finance market is expected to grow significantly, reaching $28.71 trillion by 2033, up from $4.18 trillion in 2023, according to Spherical Insights. In the Gulf, green finance development could unlock $2 trillion in economic growth and over a million jobs by 2030, Strategy& estimates suggest.

The latest facility attracted several new financiers, including major banks such as HSBC, First Abu Dhabi Bank, Bank of China, and JP Morgan. Earlier this month, Moody’s reaffirmed Aldar’s Baa2 credit rating with a stable outlook, reflecting the company’s strong financial standing.