UAE real estate developer Aldar has revealed its key ESG highlights, in line with its mission to uphold best practice international ESG standards. ESG is a core pillar of the company’s long-term growth strategy, with governance and environmental and social impact integrated into its investment processes and business decisions.
Firstly, Aldar raised USD $500m through an inaugural green sukuk, which forms part of a USD $2bn programme aligned with Aldar’s Green Finance Framework. In addition, the company has secured AED 2.5bn in sustainability-linked loans as part of a broader AED 4.8bn in debt funding in 2023.
Aldar recirculated over AED 10.5bn in the local economy through the National In Country Value (ICV) programme in 2023, awarding contracts to local contractors and suppliers.
The developer also achieved 47 points on the Dow Jones Sustainability Index (DJSI), maintaining its top spot in the GCC, and within the top quartile of the 299 global real estate companies assessed. Aldar also maintained a low-risk score of 15.9 on Sustainalytics Risk Index and continued to hold its BBB rating in MSCI.
During COP28, Aldar announced its joint venture with Tadweer and Polygreen to launch Ecoloop – a circular model intended to divert and transform waste across Aldar’s owned and managed assets.
The company also partnered with Yellow Door Energy to provide solar energy across 45 of Aldar’s core assets and signed an agreement with Johnson Controls to launch Abu Dhabi’s first ‘cooling as a service’ project.
Aldar has completed a LEED gap assessment for its existing portfolio, with plans to uplift over 20 assets to LEED Gold and Platinum standards by H2 2024.
The company has also made notable progress toward its commitment to create job opportunities for 1,000 UAE nationals by 2026, with a current achievement of 66%. Through the NAFIS program, the company hired 349 UAE nationals in 2023, bringing the total to 661 since its launch in September 2021. UAE nationals now constitute 42% of the Group’s workforce.
