Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has arranged AED 1 billion sustainable bilateral facility for Aldar Properties, according to a press release.

The financing takes Aldar’s total environmental, social, and corporate governance (ESG) facilities to AED 4.80 billion in line with its transitions towards sustainable financing for its projects and investments.

The transaction also aligns with the two entities’ commitment to back environmentally beneficial projects within the framework of the UAE Net Zero by 2050 strategic initiative.

ADIB acted as the sole facility provider. Meanwhile, Aldar plans to use the proceeds to finance sustainable projects to enhance energy efficiency, sustainable water management, and pollution control measures.

Mohammed Al Fahim, Acting Global Head of Wholesale Banking at ADIB, said: “ADIB’s ongoing efforts to tackle climate change and enable sustainable projects and initiatives through funding are wholly aligned with our ESG strategy and sustainable finance framework."

Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar, commented: “Partnership is at the core of our approach, and sustainable financing is playing a crucial role in delivering our goals.”

In the first nine months (9M) of 2023, ADIB recorded 53% higher net profits at AED 3.75 billion, compared to AED 2.45 billion in 9M-22.

Aldar logged net profits valued at AED 3 billion in the January-September 2023 period, an annual leap of 41% from AED 2.13 billion.