2023-05-25 06:47:23
Majid Al Futtaim, the company operating 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 the standards and objectives of environmental, social and institutional governance, by announcing the fourth issuance of green sukuk in the capital markets. The company raised $500 million through this issuance to refinance an existing $800 million bond due in 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 is testament to the strong support we enjoy from the global investment community and the continued confidence in our company’s business, the sustainability of our debt portfolio, and the strength of our strategy. long term. As part of reaffirming our commitment to green finance, Majid Al Futtaim is able to continue strengthening its path to improve its profitability in the long term, while at the same time actively contributing to setting new foundations and standards for sustainable finance in the Middle East and North Africa region.”
Majid Al Futtaim has demonstrated its preference for sustainability-related financing since its first green sukuk issuance in May 2019, which it followed with a second issuance in October 2019. This was followed by a $1.5 billion sustainability-related loan in July 2021, making it the first company in the private sector. In Dubai you get this innovative facility. Majid Al Futtaim is still the only company in the region to obtain a loan subject to a “punitive only” structure, which confirms its commitment to achieving real and tangible goals in the field of sustainability. The company secured its second sustainability-related loan of $1.25 billion in September 2022.
In addition to its adoption and adoption of the principles of green financing, Majid Al Futtaim continues to implement the principles of environmental, social and institutional governance through many other initiatives related to sustainability, as it works to fulfill its pledge to achieve its positive footprint in the field of water and energy conservation by 2040, and the disposal of materials single-use plastics at the level of all its operations by 2025. It is also the first company from the private sector in the region to commit to achieving the Scientific Goals initiative (SBTi) to accelerate decarbonization efforts across its business. In addition, a number of the company’s major shopping malls, including Mall of the Emirates and Mall of Oman, as well as all 13 of its hotels, have been certified. LEED Platinum, bringing the total real estate areas of Majid Al Futtaim, which has obtained approved green certificates, to about 4 million square meters.
And “Majid Al Futtaim” concluded the year 2022 with a strong financial position, as its revenues recorded a 12% growth on an annual basis, to reach 36.3 billion dirhams, while its profits before calculating interest, taxes, depreciation, and amortization increased by 4% on an annual basis, to reach 4, 1 billion dirhams. This growth was driven by the company’s strong operating 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 with regard to environmental, social and corporate governance from the company Sustainalytics for fiscal year 2022.
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