Wednesday, April 24, 2024

Majid Al Futtaim Raises $500 Million From Fourth Green Sukuk Issuance

Date:

Majid Al Futtaim, a company active in the development and management of shopping centers, integrated cities, retail and entertainment facilities in the Middle East, Africa and Central Asia, has confirmed its continued commitment to environmental, social and corporate governance standards and objectives. , by announcing the fourth green sukuk issue in the capital markets. The company raised $500 million through the issuance to refinance an existing $800 million bond due May 2024.

Ahmad Jalal Ismail, CEO of Majid Al Futtaim Holding, said: “The success of our new green sukuk issuance in today’s capital markets demonstrates the strong support of the global investment community and our confidence in the sustainability of our company’s business. The strength of our loan portfolio and our strategy. As part of reaffirming our commitment to green finance, Majid Al Futham can continue to strengthen its path to improve its profitability in the long term, while actively contributing to setting new foundations and standards for Middle Eastern and sustainable finance. North African region.”

Majid Al Futtaim has demonstrated its commitment to sustainability-related financing since the issuance of its first Green Sukuk in May 2019, followed by a second issuance in October 2019. This was followed by a sustainability-related loan of $1.5 billion in July 2021. A first in the private sector.You will get this innovative facility in Dubai. Majid Al Futtaim is the only company in the region to receive loans under a “sanctions only” framework, confirming its commitment to achieving real and concrete goals in the sustainability sector. The company has secured its second sustainability-related loan of $1.25 billion due in September 2022.

See also  It could eliminate 80% of jobs.. An expert warns of the danger of artificial intelligence in the future

In addition to embracing and adopting the principles of green finance, Majid Al Futtaim continues to implement the principles of environmental, social and corporate governance through a number of initiatives related to sustainability as it fulfills its commitment to achieving a positive footprint. Water and energy conservation sector by 2040, and disposal of single-use plastics at the level of all its activities by 2025 (S.P.T.I) to accelerate decarbonisation efforts across its business. Also, several of the company’s flagship malls, including Mall of the Emirates and Mall of Oman, and all 13 of its hotels are certified. LEED Platinum brings Majid Al Futhaim’s total real estate areas to around 4 million square meters with approved green certificates.

And “Majid Al Futhaim” ended 2022 in a strong financial position, with its revenue recording 12% year-on-year growth to reach 36.3 billion dirhams, while its profit before interest, tax, depreciation and amortization increased. 4% on an annual basis, to reach 4, 1 billion dirhams. This growth was driven by the company’s strong operational performance and its investments in digital transformation, data analytics and rewards programs. The company has also maintained a “Green Star” rating from the Global Real Estate Sustainability Index. GRESBIt also maintained a “low risk” rating from the company regarding environmental, social and corporate governance. Sustainalytics For FY 2022.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

Unlocking the Power of Booking Engines in the Hospitality Industry

In an era dominated by technology, the hospitality industry...

Boost Your Sales with Perfect Banner Printing Services in Dubai

In the fast-paced world of business, effective advertising is...

Defend Against DDoS Attacks with Qrator Labs’ Anti-DDoS Solutions

Protecting your online assets from DDoS (Distributed Denial of...

UAE Powering Gaming Boom in the Middle East

The gaming industry in the Middle East is experiencing...