• The listing boosts exchange’s total value of listed debt issuances to USD 131 billion with 152 total listings.

Dubai – Nasdaq Dubai welcomes the inaugural Sukuk listing by Binghatti Holding, a leading Dubai-based property developer on the region’s esteemed international financial exchange.

The debut issuance, valued at USD 300 million, emphasizes the pivotal role of Sukuk financing within the regional financial landscape. The listing further enhances Nasdaq Dubai's position as a premier venue, reinforcing its role in facilitating innovative financial instruments, contributing to the exchange's expanding portfolio of listed debt securities.

The issuance holds particular importance in diversifying financing options for the real estate sector. Binghatti's Sukuk listing sets a new standard as the first real estate benchmark USD-denominated Sukuk from MENA in 2024, paving the way for future issuances and solidifying the region's prominence in the global Islamic finance arena. Notably, Fitch Ratings recently awarded Binghatti Holding a B+ credit rating with a positive outlook, underscoring the company's financial strength and market confidence.

Comprising a coupon rate of 9.625 per cent and maturing in 2027, the listing reflects the company's strategic financial planning and commitment to offering attractive investment opportunities. The Sukuk issuance was over 2 times over-subscribed and was priced competitively with a 30 basis points tightening resulting from investor demand based on Binghatti's compelling investor roadshows. This listing was the first real estate Sukuk issuance from the MENA region in 2024. 

To commemorate the listing, Muhammad BinGhatti, CEO of Binghatti Holding, joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai, in the presence of a list of supporting banks.

Commenting on this, Muhammad BinGhatti, CEO of Binghatti Holding said: "This milestone reflects our strategic vision and unwavering dedication to driving growth and excellence in the region's financial landscape. Our successful Sukuk listing is a testament to the unwavering trust placed in Binghatti by investors and financial institutions. It underscores our commitment to transparency, reliability, and delivering value, further solidifying our position as a trusted partner in the financial arena."

Hamed Ali, CEO of Nasdaq Dubai and DFM said: “This listing by Binghatti Holding not only represents our continuous endeavours to position Dubai as a global hub for Sukuk financing but also reinforces our steadfast commitment to delivering financial solutions to companies in the region. The increasing interest in the Islamic financial market is a testament to the evolving and robust financial ecosystem offered through Nasdaq Dubai.”

Boosting a total debt issuance value of USD 131 billion, comprising USD 43 billion in bond listings and USD 88 billion in Sukuk issuances, Nasdaq Dubai continues to solidify its position as a leading exchange for fixed income listings and the prominent destination for debt issuance.

About Nasdaq Dubai:  

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS). The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA).

For further information, please contact:
Noora Al Soori
Communications and Public Relations

Dubai Financial Market
E: nalsoori@dfm.ae

Shruti Choudhury                                                                Shraddha Sundar                           
Account Director                                                                 Account Manager
Edelman Smithfield                                                             Edelman Smithfield
E: dfmedelmansmithfield@edelman.com                           E: dfmedelmansmithfield@edelman.com

About Binghatti Developers:

Binghatti Developers is an award-winning real estate developer based in Dubai, headed by CEO and Head of Architecture, Muhammad BinGhatti. The dynamic company offers distinctive properties with sophisticated architectural designs, world-class materials, and unparalleled lifestyle amenities. Empowered by its rich business expertise, the company strives to redefine the industry standards by delivering high-quality projects.

Binghatti Developers is currently operating in a multitude of districts across Dubai, including the Business Bay, Dubai Silicon Oasis, Al Jaddaf, and Jumeirah Village Circle. The company has bold expansion initiatives on the horizon, with a specific emphasis on developing its real estate portfolio in Dubai.