Middle East’s best Islamic real estate deal 2026: ADIB; Emirates Islamic
Eagle Hills’ inaugural syndicated financing delivered a bold $1 billion injection of Shariah-compliant liquidity into the Gulf’s property market. The debut not only underscored the company’s growing capital requirements as it scales projects in the Gulf Cooperation Council (GCC), Central and Eastern Europe (CEE) and Africa, but also signalled lenders’ confidence in its expansion strategy.
Structurally, the financing breaks new ground for the borrower. It is built as a dual-tranche, dual-currency facility – denominated in both UAE dirhams and US dollars – and combines an unsecured conventional tranche with an Islamic tranche arranged on a long/periodic commodity murabaha basis. By weaving Shariah-compliant funding alongside a conventional limb, the deal offers Eagle Hills the flexibility of a single documentation platform while appealing to a wider liquidity pool.
Proceeds are earmarked for general corporate purposes, including the refinancing of existing indebtedness, giving the developer headroom to press ahead with its active pipeline of mixed-use and residential projects.
Strong appetite from regional banks produced an oversubscribed syndicate, broadening Eagle Hills’ financier base in the process
The unsecured nature of the borrowing further demonstrates the market’s comfort with the company’s credit profile, while the choice of periodic murabaha settlements aligns repayment flows with project cash generation. Strong appetite from regional banks produced an oversubscribed syndicate, broadening Eagle Hills’ financier base in the process and setting a pricing benchmark for future issues.
Abu Dhabi Islamic Bank (ADIB) acted as a joint bookrunner, steering execution logistics, while Emirates Islamic served as Islamic mandated lead arranger, shaping the murabaha structure and anchoring the syndicate.
