This strategic mandate, as well as TDIC’s direct linkages to the government via our board, serves as the basis upon which the ratings agencies have provided us quasi-sovereign alignment.
TDIC has a well diversified funding strategy. Our primary source of funding naturally stems from the government of Abu Dhabi, and this is supplemented with commercial funding, from both banks and capital market sources. TDIC’s current project lifecycle has to date been heavily vested in development and delivery.
Our funding strategy includes both conventional and Islamic capital markets. In 2009, we launched a US$ 1 billion conventional bond, which was followed by the launch of our inaugural US$ 1 billion five-year sukuk – the largest in the GCC for that year.
TDIC’s sukuk has received Islamic Finance News (IFN) Awards for ‘UAE Deal of the Year’ and ‘Real Estate Deal of the Year.’ TDIC was also recently awarded ‘The Asset Triple A Best Deal – Middle East’ in The Asset Triple A Islamic Finance Awards 2010.
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