Banking Consortium Underwriting Proposal · June 2026

Trump Oasis. Ghantoot Master Development, Abu Dhabi

A $100 billion sovereign-grade master development. 4.8 million m² of prime Abu Dhabi coastline. Digital infrastructure, ultra-luxury residential, and AI-era logistics — unified in a single capital structure.

$100.6B Projected GDV At full exit realization

$22.9B Total Capital Stack AED 84.11 Billion

24.2% Base Case IRR 26.2% Promoted (Sponsor)

4.8M m² Master Parcel Modon Holding · Formally Conveyed

7 Yrs Delivery Timeline 2026 – 2031 · Parallel Staging

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Capital Structure

A $22.9B Dual-Tranche Architecture

ORA Sponsor (21.5%)

IHC Anchor (24.0%)

Masdar Green (6.5%)

PE Equity (13.0%)

Senior Debt (35.0%)

Tranche	USD ($B)	AED (B)	Stack %	Return
— EQUITY (65%) —
ORA Developers (Sponsor) Land equity, contributed in-kind; promoted structure	4.93	18.10	21.5%	26.2% IRR
IHC — Anchor Sovereign Equity Preferred hurdle + 70/30 residual above hurdle	5.50	20.20	24.0%	12.0% preferred
Masdar — Green Infrastructure Green bond concessionary equity; Net Zero 2050 aligned	1.50	5.51	6.5%	9.5% yield
Institutional Private Equity 4–5 yr secondary exit window; proven cash flows	2.97	10.91	13.0%	22.4% Net IRR
— DEBT (35%) —
Senior Secured Syndicated Debt HSBC / FAB arrangers · 2.2x DSCR covenant · 24-month DSRA	8.00	29.38	35.0%	SOFR + 215 bps
TOTAL CAPITAL STACK	22.90	84.11	100%	—

Use of Proceeds

Capital Deployed Across Seven Verticals

Core ResidentialPremium Villas, Mansions, Townhouses

$8.80B

38.4%

Land AcquisitionPaid to Modon Holding · Formally Executed

$4.93B

21.5%

Tech City & AI CampusHyperscale Computing · Office Parks

$3.50B

15.3%

Waterfront & InfrastructureMarina · Retail · Golf · Enabling Works

$2.67B

11.6%

Staff Housing & Mid-MarketMid-Market Residential · Community

$1.80B

7.9%

Logistics & Cold StorageUAE Food Security · NNN Leases

$0.70B

3.1%

Tier-IV Data Centre55,000 SQM · Green Cooling · AI-ready

$0.50B

2.2%

Total Proceeds Deployment

$22.90B

100%

Regional Pricing Context

Positioned Below Comparable Branded Residences

Bulgari ResidencesJumeirah Bay, Dubai

AED 12–15K/sqft

Armani ResidencesPalm Jumeirah, Dubai

AED 8,000+/sqft

Mercedes-Benz PlacesDowntown Dubai

AED 3,650–4,500

Trump Oasis · Target LaunchGhantoot, Abu Dhabi

AED 4,000–5,000

ORA BAYN (Base Case)Ghantoot Comparable

AED 2,200–2,800

Financial Model

IRR Sensitivity & Stress Testing

Base case assumes $350/sqft land cost and $1,225/sqft average residential selling price (AED 4,500/sqft).

Base Case IRR

24.2%

Sponsor Promoted

26.2%

PE Net IRR

22.4%

15.0% preferred hurdle

Annuity Floor

$2.17B

Per year (commercial assets)

Price Break-Even

-54.2%

From baseline before impairment

Cost Break-Even

+68.5%

Construction overrun tolerance

IRR by land cost (rows) × residential price (columns). Gold outline = base case.

Land ↓ / Price →

-20%$980/sqft

-10%$1,102

BASE$1,225

+10%$1,347

+20%$420/sqft

11.4%

15.8%

19.1%

23.5%

+10%$385/sqft

13.2%

17.5%

21.4%

25.9%

BASE$350/sqft

15.0%

19.8%

24.2%

28.8%

-10%$315/sqft

17.1%

22.3%

26.9%

31.4%

-20%$280/sqft

19.4%

24.9%

29.5%

34.2%

Macro Stress Scenarios

📉

Severe Recession · Oil < $45/bbl (36 months)

HNWI capital inflows compress 40%; sales velocity drops from 2,000 to 750 units/year.

Break-even at 420 units/yr. $2.17B/yr annuity floor (Tech City + Logistics) absorbs shock.

📈

Interest Rate Surge · SOFR +300 bps

Debt servicing costs escalate on $8B unhedged syndicated facility exposure.

Pre-closing mandatory IRS locks 75% of floating exposure at fixed terminal rates.

🏗️

Construction Hyperinflation · 7-Year Horizon

Steel, cement, and labor cost inflation compresses vertical margins over build period.

Lump-sum fixed-price EPC contracts + IHC sovereign supply chain forward purchases.

🏠

Residential Price Collapse

Demand shock pushes achieved pricing below AED 4,000/sqft target launch band.

Model withstands a 54.2% price decline from baseline before capital impairment.

⚖️

Brand / Political Risk · Trump Organization

Licensor faces regulatory asset freeze or international sanctions impairing markets access.

Unilateral brand-strip clause; private-label transition; full royalty suspension.

🏛️

Regulatory Change · Abu Dhabi Zoning

Post-decree changes to freehold or Investment Zone designations delay development.

Decree No. 44-2026 (Abu Dhabi Exec. Council) locks freehold; Modon deed formally executed.

Capital Call Schedule

7-Year Drawdown Against Milestones

$6,000M

$4,500M

$3,000M

$1,500M

$3,865M

2026

$5,765M

2027

$4,500M

2028

$3,800M

2029

$2,000M

2030

—

2031

ORA Land Equity

IHC Anchor Equity

Masdar Infra

PE Co-Investment

Syndicated Debt

Year	ORA Land	IHC Anchor	Masdar	PE Equity	Debt	Total ($M)
2026	2,465	1,100	300	742	—	3,865
2027	2,465	1,650	450	743	1,200	5,765
2028	—	1,650	450	742	2,400	4,500
2029	—	1,100	300	743	2,400	3,800
2030	—	—	—	—	2,000	2,000
2031	—	—	—	—	—	—
TOTAL	4,930	5,500	1,500	2,970	8,000	22,900

2026

Phase 1

Land closing · enabling works · deep utilities routing

2027

Phase 2

Off-plan pre-sales launch · Marina breakout · Golf Course shaping

2028

Phase 3

Tech City AI Campus delivery · Data Centre handover

2029

Phase 4

Phase 1 residential handovers begin (4BR/5BR units)

2030

Phase 5

Structural completion · Waterfront Royal Mansions cluster

2031

Phase 6

Full commercial stabilization · Logistics City · Total exit

Risk Matrix

Eight Risks. Eight Structural Mitigations.

Geopolitical & Macro

Regional instability / HNWI capital flight

Slowdown in luxury off-plan absorption velocity across the emirate corridor.

Site within Abu Dhabi sovereign bounds. 18% of land ring-fenced for sovereign tech infrastructure — decoupled from standard residential sentiment cycles.

Construction & Supply Chain

Steel / cement hyperinflation + labor constraints

Margin compression across 7-year construction horizon.

Lump-sum fixed-price EPC contracts with Tier-1 contractors. Major inputs forward-purchased via IHC sovereign supply chains.

Market Absorption

Dubai residential supply overhang

Prolonged inventory or weakened price protection in target tier.

AED 4,500/sqft launch price = 62–70% discount vs Bulgari/Armani. Dual-emirate positioning creates structural arbitrage for global buyers.

Liquidity & Funding

Pre-sale shortfalls / working capital disruption

Delayed vertical development and IRR erosion for all tranches.

24-month DSRA within $8B debt facility. Individual clusters can be paused without impacting primary commercial infrastructure cash flows.

Interest Rate

SOFR surge of +300 bps

Debt servicing cost escalation on $8B syndicated facility.

Mandatory pre-closing interest-rate swaps (IRS) lock 75% of floating exposure at fixed terminal rates before financial close.

Brand & Reputational

Trump Organization political / regulatory exposure

Institutional banking hesitation or compliance friction with lenders.

ADGM / UK Common Law fully separates financial flows from political entities. Unilateral brand-strip clause with immediate private-label fallback.

Regulatory & Compliance

Changes to Abu Dhabi zoning or freehold regulations

Delays to Investment Zone freehold designations and buyer eligibility.

Decree No. 44-2026 (Abu Dhabi Executive Council) locks freehold status permanently. Modon conveyance deed formally executed and binding.

Exit & Liquidity

Adverse capital markets at target exit window

Compressed exit multiples and delayed LP distributions.

Three independent exit pathways: ADX REIT listing, Data Centre trade sale, institutional secondary recapitalization (Years 4–5).

Exit Strategies

Four Liquidity Pathways

Option A · Residential

Multi-Tranche Off-Plan Sales

Years 3–7 (rolling)

Premium villas, waterfront mansions, and branded townhouses. Systematic handover cadence aligned with construction milestones.

AED 4,000–5,000/sqft target launch. Pre-sale proceeds service Tranche 1 debt amortization per waterfall mechanics.

$8.80BResidential construction allocation

Option B · REIT

ADX REIT Listing

Year 5+ (post-stabilization)

Tech City office parks, Tier-IV Data Centre, Logistics cold storage, and Staff Housing complexes bundled into a yield vehicle.

Listed on Abu Dhabi Securities Exchange (ADX). Targets SWFs, regional pension funds, and international institutional income investors.

4.2–4.8%Implied cap rate for luxury rental portfolios (comparable)

Option C · Trade Sale

Data Centre Carve-Out

Year 4–5 (carved out)

55,000 SQM Tier-IV Hyperscale Data Centre + AI Campus. High sovereign demand for ME data localization assets.

Conservative 14.5x EBITDA terminal multiple vs. market range of 18–24x EV/EBITDA. Potential buyers include global operators and digital infra PE funds.

14.5xConservative EBITDA multiple (market: 18–24x)

Option D · Secondary

Institutional Secondary Recap

Year 4–5 (PE exit window)

Tranche B PE equity stakes, once residential risk is materially de-risked and early revenues proven.

PE investors exit via structured secondary; stakes acquired by late-stage core institutional capital seeking proven yield with de-risked capital profile.

22.4%PE Net IRR target (15.0% preferred hurdle)

Transaction Benchmarks — Conservative Assumptions Used

Asset Class	Market Multiple / Cap Rate	Comparable Transactions	Trump Oasis Assumption
Luxury Coastal Residential	4.2–4.8% cap rate · 3.5–4.5x equity exit	Bulgari AED 12–15K/sqft · Armani AED 8K+	3.1x equity cost vs. 3.5–4.5x market
Hyperscale Data Centres	18x–24x EV/EBITDA	ME sovereign data localization deals	14.5x EBITDA vs. 18–24x market
Logistics / Cold Storage (NNN)	7.2–7.8% cap rate	UAE food security mandated assets	Market-aligned Triple-net long-term leases

ESG & Sustainability

UAE Net Zero 2050 — Eight Quantified Targets

☀️

Clean Energy

50 GW+

Clean energy network capacity via Masdar co-investment framework across entire development.

🌿

Carbon Abatement

35% reduction

Embodied carbon vs. regional construction baselines through eco-concrete specification.

🏗️

Vertical Carbon

40% reduction

GGBS eco-concrete mix in all structural frameworks versus standard commercial profile.

💧

Water

100% recycled

Complete greywater recycling for Golf Course and all public park irrigation systems.

🚗

Mobility

Zero-emission

Autonomous zero-emission transport loops connecting all development sectors.

⚡

Solar PV

450,000 m²

Photovoltaic arrays across commercial roofs + parking canopies. Offsets 100% of Tech City daytime power.

🌡️

Data Centre

Closed-loop cooling

Waste-heat recovery channels recovered energy into domestic water grids across mid-market housing zones.

🏛️

Policy Alignment

Net Zero 2050

Aligned with UAE Centennial 2071, Abu Dhabi Economic Vision 2030, We the UAE 2031.

Legal & Governance

ADGM Structure & Distribution Waterfall

EUROPEAN-STYLE 4-TIER WATERFALL

Return of Capital (Senior Debt)

100% of all cash flows from off-plan pre-sales and commercial leasing directed exclusively to the $8.00B senior debt facility until principal is fully amortized.

Preferred Equity Returns

Distributions to IHC (12.0%), Masdar (9.5%), and Institutional PE (15.0%) investors up to their respective preferred hurdles, compounded annually.

Sponsor Catch-Up

100% of remaining cash flows flow to ORA Developers until sponsor achieves an equalization return matching Tranche B preferred investors.

Residual Split — 70 / 30

All remaining upside distributed 70% GP (Sponsor/Anchor) / 30% LP. This is where the sponsor's promoted return (26.2% IRR) is fully captured.

BOARD COMPOSITION · 9 SEATS

ORA Developers

Sponsor seats

IHC

Anchor investor

Masdar

Green infra co-inv.

Independent Directors

Representing syndicated debt lenders · Chair Audit & Risk Committees

SPV Domicile

Abu Dhabi Global Market (ADGM)

UK Common Law jurisdiction. Three sub-SPVs: ORA Data Oasis, Trump Residential, Ghantoot Tech.

Trump License

Asset-light IP only · 0% equity · $0 liability

1.5% gross sales royalty (residential) + 2.0% brand fee (hospitality). Veto rights capped at 14 business days. Full brand-strip clause if licensor is sanctioned.

Reporting & Audit

IFRS · Big Four annual audit

Independent ombudsman for all EPC procurement. Third-party trustee bank manages ring-fenced escrow.