Dubai, UAE: The leading Dubai real estate developer Binghatti, has achieved a significant milestone with the successful launch of its inaugural USD 300 million 3-year Sukuk issuance. Priced competitively at 9.625%, the Sukuk experienced a tightening of approximately 30 basis points, demonstrating strong investor demand and confidence.

This transaction garnered widespread demand from both regional and international investors, with the order book peaking at an impressive 2.1 times subscription. The order book reached an excess of USD 600 million, peaking at USD 621 million, underscoring the robust demand for Binghatti’s Sukuk offering.

Ahead of the issuance, Binghatti had met with investors on international roadshows in Asia and the United Kingdom. The order book attracted a diversified investor base, presenting  notable contributions from the UK, Europe and Asia accounting for a large percentage of demand. The deal was the first real estate benchmark US dollar denominated sukuk from the MENA region in 2024.

Local banks including Emirates NBD, Dubai Islamic Bank, HSBC, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Mashreq Bank and RAKBank acted as joint lead managers (JLMs) and bookrunners on the deal.

“We are thrilled with the tremendous success of our debut Sukuk issuance, which reflects the trust and confidence investors have placed in Binghatti. This immense response demonstrates the strength of our business model and attractiveness of our investment proposition,” said Muhammad BinGhatti, CEO of Binghatti.

The overwhelming response from the market highlights Binghatti’s remarkable achievement on its first Sukuk issuance and reflects the developer’s distinguished reputation in the industry.

ABOUT BINGHATTI:

Binghatti is one of the largest property developers and holding companies in the United Arab Emirates founded in 2008 by renowned Emirati entrepreneur Dr. Hussain BinGhatti along with his sons. Muhammad BinGhatti, CEO, Binghatti, had a vision to lead the renaissance of property in the region, amalgamating art into properties.

Binghatti hyper-properties are designed specifically for those with genuine appreciation of fine architecture, giving their residents the experience of how modern and thoughtful design, combined with cutting-edge technology can make a property more than just a place you live in.

Binghatti’s trichromatic hue palette orange, white and black reflects its organisational ethos. The orange symbolises the tireless rise of the sun brightening up a clear white sky after a dark night. The aggressively contoured external envelopes of its towers and our hue selection are climatically respectful to the region’s geographical condition, maximising efficiency of solar glare reduction rates.

An award-winning real-estate developer including, Forbes Middle East, Arabian Property Awards, International Property Awards, MENA Green Building Awards, Design Awards Middle East and Infrastructure and Real Estate Excellence Awards.

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Atteline
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