• OMNIYAT successfully prices a 3-year USD 500 million green sukuk

Dubai, UAE: OMNIYAT, Dubai’s leading ultra-luxury real estate developer, has successfully priced its inaugural green sukuk issuance, raising USD 500 million through a 3-year Islamic offering. This transaction marks the Company’s entry into the international debt capital markets and reaffirms its commitment to long-term financial strength and sustainable development. The sukuk will be listed and traded on Nasdaq Dubai and on the London Stock Exchange’s International Securities Market (ISM).

The sukuk was met with very strong demand from international and regional investors, with the order book oversubscribed 3.6x times, reaching USD 1.8 billion.

The proceeds from the issuance will be used in line with OMNIYAT’s Green Financing Framework to primarily finance investments in sustainable development.  This framework is fully aligned with the ICMA Green Bond Principles (GBP) 2021, ensuring international best practice and investor transparency.

Mahdi Amjad, Founder & Executive Chairman at OMNIYAT, commented: “Our debut into the international debt capital markets with a green sukuk is a major milestone for OMNIYAT. It underscores our commitment to sustainability, prudent capital management, and delivering long-term value to our stakeholders. The overwhelming investor interest validates confidence in our strategy, brand strength, and the fundamentals of the Dubai luxury real estate market. We are deeply grateful to our banking partners for their instrumental role in delivering such a successful outcome. 

As we look to the future, sustainability sits at the core of our development philosophy. This green financing instrument aligns with this vision by supporting high-performance, environmentally efficient projects across our portfolio.”  

The issuance follows OMNIYAT’S ‘BB-’ long-term credit rating assigned by S&P Global and a first-time Long-Term Issuer Default Rating (IDR) of ‘BB-’ by Fitch Ratings, with both rating agencies assigning a stable outlook. This reflects OMNIYAT’s strong brand, leadership in the high-end residential segment, and a robust order backlog, which is expected to support predictable revenue growth and deleveraging over the next two years.

OMNIYAT’s business model, underpinned by strategic developments in prime locations such as Palm Jumeirah and Business Bay, has enabled the Company to capture consistent demand from high-net-worth international buyers and reinforce its leading position in the ultra-high-end luxury real estate market in Dubai. 

Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, J.P. Morgan, Mashreq and Standard Chartered Bank acted as Joint Global Coordinators. Those banks along with Ajman Bank, Bank of Sharjah, Commercial Bank of Dubai, First Abu Dhabi Bank, Kamco Invest, RAKBANK, Sharjah Islamic and Warba Bank acted as Joint Lead Managers and Bookrunners for the issuance.