Funding Strategy

Our Funding Strategy focuses on minimising re-financing risk and ensuring flexibility and efficiency through diversified sources of funding. Our established GMTN and Sukuk programmes allow us to access the Capital Markets opportunistically, whilst our committed bank facilities provide back-up liquidity. True to our commitment to our credit rating, our top-down capital allocation approach is managed within the debt capacity of the “BBB” metrics, and with an eye on prudent financial management.

Liquidity Profile

Our liquidity policy targets at least 18 months of financing requirements.

USD 3.0 B
As at 31 December 2023

Strong Leverage Metrics

Our leverage is managed well within the BBB threshold.

2019 onwards includes impact of IFRS16.

Maturity profile

We maintain a balanced maturity profile, comprised of Capital Market securities and bank facilities.

Total Borrowing: USD 4.6 B
As at 31 December 2023


Solid Track Record

We continue to maintain a strong track record of steady and measured top and bottom line growth.

Prudent Financial Management

We maintain a focus on financial discipline, holistic risk management and transparent dialogue with our Investors and external stakeholders.


Robust Governance Structure

We have a robust governance structure and place considerable emphasis on governance and transparency. To this end, we have voluntarily adopted the UK Combined Code on Corporate Governance for listed companies.


Stability and strength through diversification

We are well diversified across 15 markets with a combined strength of balance sheet from quality assets within our Properties business, and stable cash flows from our Retail businesses.

By Revenue
'Others includes Kuwait, Pakistan, Lebanon, Iraq, Georgia, Armenia, Kenya, Uganda
As at 31 December 2023