{"id":23112,"date":"2023-05-26T14:56:04","date_gmt":"2023-05-26T14:56:04","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=23112"},"modified":"2023-05-26T14:56:04","modified_gmt":"2023-05-26T14:56:04","slug":"majid-al-futtaims-green-sukuk","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/05\/26\/majid-al-futtaims-green-sukuk\/","title":{"rendered":"Majid Al Futtaim raises $500 million through green sukuk issuance"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Dubai-based retail conglomerate and shopping mall operator <a href=\"https:\/\/www.majidalfuttaim.com\/\" target=\"_blank\" rel=\"noopener\">Majid Al Futtaim<\/a> has raised $500 million through a 10-year dollar-denominated green sukuk, <\/span>seeking to diversify its funding base.<\/p>\n<p><span data-preserver-spaces=\"true\">The company will use the proceeds from its fourth green sukuk issuance to refinance an older $800 million bond commitment due in May 2024, it said on Thursday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CEO of Majid Al Futtaim Holding, Ahmed Ismail, said: \u201cThe issuance of today\u2019s green sukuk is a testament to the global investment community\u2019s continued confidence and robust support in our company,<\/span><span data-preserver-spaces=\"true\">\u00a0<a href=\"https:\/\/www.meretailnews.com\/2023\/03\/20\/majid-al-futtaim-bahrain-mall\/\">the sustainability<\/a><\/span><span data-preserver-spaces=\"true\">\u00a0of our debt portfolio and the inherent strength of our long-term strategic focus.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn reaffirming our commitment to green financing, Majid Al Futtaim is able to further our drive to improve long-term profitability while actively contributing to shaping sustainable finance for the Mena region.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Majid Al Futtaim launched its debut green sukuk in May 2019, followed by another in October 2019.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company also raised $1.25 billion through another sustainability-linked loan in September 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The conglomerate became the first Dubai-based privately-owned company to borrow through an SLL facility and continues to be the region\u2019s only \u2018penalty-only\u2019 borrower<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Majid Al Futtaim said it \u201cconsistently delivered on its ESG principles\u201d through other sustainability-linked initiatives, the company said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Group strives to achieve a positive water and energy footprint by 2040 and eliminate single-use plastic in all its operations by 2025.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Its annual revenues climbed by 12 per cent year-on-year to Dhs 36.3 billion while earnings before interest, taxes, depreciation and amortisation saw a four per cent year-on-year increase, reaching Dhs 4.1billion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Majid Al Futtaim has raised $500 million through a 10-year dollar-denominated green sukuk: the proceeds will to refinance an older $800 million bond commitment due in May 2024<\/p>\n","protected":false},"author":40,"featured_media":22249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[3944],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23112"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=23112"}],"version-history":[{"count":1,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23112\/revisions"}],"predecessor-version":[{"id":23114,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23112\/revisions\/23114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/22249"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}