| 09 Mar 2010 |
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TDIC awarded 'Real Estate Deal of the Year' and 'UAE Deal of the Year'
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ABU DHABI, UAE, March 9, 2010 - Tourism Development & Investment Company (TDIC)Tourism Development & Investment Company (TDIC)
, a master developer of major cultural, residential and tourism destinations in Abu Dhabi, has today been awarded 'Real Estate Deal of the Year' and 'UAE Deal of the Year' by the Islamic Finance News Awards for their 2009 Sukuk transaction. The prestigious awards are one of the industry's foremost award polls and are an unbiased guide to the leaders within the Islamic financial industry.Commenting on the success, Lee Tabler, TDICTDIC's Chief Executive Officer, said: "TDICTDIC is committed to enhancing its role and relationship within the Islamic and conventional financial markets. Without a doubt, the Islamic community is playing an ever-increasing strategic and significant role for us to raise capital, but more importantly, to diversify our capital base."
TDICTDIC issued the largest GCC Sukuk in 2009 with its inaugural US$1 billion five-year Reg S Sukuk Al Ijara under a US$1.45 billion Global Sukuk Trust Certificate Issuance Programme. The Sukuk transaction was extremely well received globally and generated the largest order book for a global Sukuk issuance in 2009, with over 220 investors placing orders in excess of US$6.7 billion.
The Sukuk further complemented and supported the US$1 billion bond issued in July 2009 which represented the inaugural issuance under TDICTDIC's US$3 billion Global Medium Term Note (GMTN) programme. The issue of notes attracted substantial interest from global investors with a total order book exceeding US$ 6 billion from over 300 investors.
Both offerings support TDICTDIC
's long-term objectives by providing financial strength to its projects and genuine confidence to investors. In line with Abu Dhabi's 2030 economic vision, TDICTDIC is committed to the development and delivery of key tourism infrastructure in line with Abu Dhabi's wider economic diversification strategy."As TDICTDIC is an entity wholly owned by the government of Abu Dhabi, offering an investment product with Islamic principles is core to our broader vision of global partnership. We are honoured to have received these awards," concluded Tabler.
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About Tourism Development & Investment Company (TDICTDIC)
Tourism Development & Investment Company (TDIC)Tourism Development & Investment Company (TDIC) is a master developer of major tourism destinations in Abu Dhabi, the largest of the seven emirates, which make up the United Arab Emirates, and a key contributor to its economic and cultural progress.
TDICTDIC is behind some of Abu Dhabi's most prestigious projects including two major destinations - Saadiyat Island, which will house the world's largest single concentration of premier cultural institutions including the Zayed National Museum, the Guggenheim Abu Dhabi Museum, the Louvre Abu Dhabi, a performing arts centre and maritime museum, and Desert Islands which will be one of the world's largest environmentally sustainable tourism destinations.
By creating investment partnerships and joint ventures, TDICTDIC's developments are helping to support Abu Dhabi's evolution as a world class destination for tourists, businesses and residents and helping to realise the emirate's considerable tourism potential and strategic goal of delivering 2.3 million hotel guests a year by 2012.
was awarded high investment grade ratings of Aa2, AA, and AA by three top credit rating agencies, Moody's, Standard & Poor and Fitch. These ratings reflect TDICTDIC's strong financial position and support the company's credit worthiness to investors, lenders and other market participants. In July 2009, TDICTDIC also launched a US$ 1 billion bond, which represented the inaugural issuance under the US$ 3 billion Global Medium Term Note (GMTN) programme. The same year, TDICTDIC issued its inaugural US$1 billion five-year sukuk which is the largest sukuk in the GCC for this year. Established in April 2005, TDICTDIC has built a strong reputation among international industry players for its compelling value proposition, transparency of business approach and ability to deliver. Locally, TDICTDIC offers significant employment and vocational training opportunities for Emiratis keen to enhance their careers and professional qualifications.
For further information visit www.tdic.ae
© Press Release 2010
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