Debt Investors

Approach to leverage

• Aldar maintains a conservative financial debt policy to optimise gross debt capacity across both the asset management (Aldar Investments) and development businesses
• Corporate structure enables asset management to operate more independently to drive greater operational and capital efficiency
• Aldar Investments attained Baa1 credit rating and successfully raised two $500 million sukuks in September 2018 and October 2019 respectively, supported by its high quality, diverse asset base
• Strong governance in place – separate debt and dividend policies for both asset management and development management businesses
• As 30 at June 2019 the balance sheet remains robust with cash plus available and undrawn liquidity lines of AED 7.3 billion
• Conservative debt position at AED 7.3 billion, well within debt policy ranges for both asset management (37.5%) and development management (3%)

Credit rating (Aldar Investments)