Aldar Properties PJSC, Abu Dhabi’s biggest developer, sold $1.25bn of 5-year notes, becoming the first real-estate developer in the United Arab Emirates to issue debt after prices tumbled.

The 8.75% notes priced at 100 cents on the dollar, Bloomberg data show. The debt was issued through Atlantic Finance Ltd, a special purpose vehicle listed on the London Stock Exchange, Aldar said in a statement today.

'It’s a good size offering from a real-estate company in this environment,' said Nish Popat, head of fixed income at ING Investment Management in Dubai. 'Their initial target was to raise $500m to $700m, but the final result shows that the appetite for Abu Dhabi names is still strong.'