King Abdullah Financial District builds on green drive success

Updated 19 December 2013
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King Abdullah Financial District builds on green drive success

King Abdullah Financial District (KAFD) is the world’s largest green building development with more than 1.6m square meters of gross site area.
Saudi Binladin Group disclosed this at the fourth annual Saudi Green Building Forum (SGBF) in Riyadh recently.
According to the company, KAFD comprises more than 40 individual buildings including the Capital Market Authority (CMA) tower. The tower, still under construction, is already the tallest building in Riyadh.
The annual conference was organized in response to King Abdullah initiative that aims at benefiting from the general location of buildings for lighting and ventilation, renewable energy, water purification, environmentally friendly building materials for health, safety and the security of the environment.
This is a combined effort of engineering design, implementation, operation and management of construction assembly, waste and recycling.
The event has the support of of Prince Mansour bin Miteb, minister of municipalities and rural affairs. Strategic partners are the Ministry of Water and Electricity, The King Saudi Foundation, the Electricity and Co-generation Regulatory Authority, the Saudi Standards and Meteorology and Quality Organization (SASO), the Saudi Council of Engineers, the US Green Building Council, UN Habitat and Egyptian Green Building Council.
Addressing the conference, SGBF Secretary General Faisal Alfadl said there are 134 projects with a combined built-up area of 12 million square meters at present. They have been developed under the US Green Building Council’s LEED-rating methodology.
“In 2009, the opening of King Abdullah University for Science and Technology (KAUST) marked a ground-breaking development and Saudi Arabia’s first green building project.”
The first SGBF was held in Riyadh in October 2010 and it was the setting for the launch of the King Abdullah initiative for Green Buildings partnered by Minister of Municipality and Rural Affairs.
This has set the scene for a rapid expansion in the number of Saudi Arabian projects securing and seeking green building accreditation.
In his presentation, Whysal Numan, LEED in-charge officer for the, provided an update in progress on the Numan said the entire KAFD project is subject to a comprehensive environmental plan which encompasses erosion issues and construction waste; water and energy efficiency and recycling.
The project calls for the construction of an energy-efficient monorail system.
A minimum of 10 percent by value of the construction materials used in the project are extracted and manufactured within 500 miles of the project site.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.