Staff Report
Dubai, UAE
Binghatti Holding Ltd, a leading UAE-based real estate developer, has successfully priced a US$500 million long three-year green sukuk under its US$1.5 billion Trust Certificate Issuance Programme, in a sale that was oversubscribed more than four times.
The landmark Regulation S Green Sukuk issuance reflects Binghatti’s commitment to sustainable financing and aligns with its Green Financing Framework. Proceeds will be used to finance a portfolio of eligible green projects, reinforcing the company’s pledge to responsible growth and environmental stewardship.
The sukuk was priced with a profit rate of 7.750 percent, equivalent to a spread of 416 basis points over the prevailing 3-year US Treasury yield. The transaction attracted strong regional and international investor demand, with an orderbook exceeding US$2 billion. Approximately 50 percent of the orderbook came from outside the UAE.
Given the robust demand, the issuance saw significant tightening from its initial guidance of 8.125 percent area. The strength of the orderbook underscores market confidence in Binghatti’s credit profile, brand strength, and long-term sustainable strategy. The company is rated Ba3 by Moody’s and BB- by Fitch, both with stable outlooks.
Katralnada BinGhatti, Chief Executive Officer of Binghatti Holding, commented, “Binghatti’s inaugural green sukuk marks a pivotal milestone in our sustainability journey, reinforcing our position as one of the region’s most dynamic and responsible developers. The strong demand and investor trust shown in the US$500 million issuance highlights our unique and highly profitable business model, a vertically integrated platform combining rapid growth with a strong commitment to green and sustainable development.”
The green sukuk will be listed on the London Stock Exchange and NASDAQ Dubai. Joint global coordinators on the transaction were Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, J.P. Morgan, and Mashreq. The joint bookrunners were Abu Dhabi Commercial Bank, Ajman Bank, Arqaam Capital, First Abu Dhabi Bank, Rakbank, Sharjah Islamic Bank, and Warba Bank.
Shehzad Janab, Chief Financial Officer of Binghatti Holding, said, “Building on the phenomenal momentum of our July 2025 five-year sukuk—oversubscribed by more than five times—we are delighted by the overwhelming support from the global investor community. The strong demand from both the green and conventional liquidity pools is a testament to the Dubai real estate story and Binghatti’s unique market position.”
Binghatti Holding’s H1 2025 net profit more than tripled to Dh1.82 billion, driven by resilient demand for Dubai real estate. The group’s total sales reached Dh8.8 billion, with revenue climbing 189 percent year-on-year to Dh6.3 billion.
The group launched seven new projects and delivered five developments in H1 alone, handing over 15 projects in the last 18 months. Its Dh12.5 billion revenue backlog and over Dh70 billion development portfolio positions it as one of Dubai’s leading developers. Binghatti currently has around 20,000 units under development across 30 projects in prime Dubai locations including Downtown, Business Bay, Jumeirah Village Circle, and Meydan as well as its flagship branded residences in collaboration with luxury partners Bugatti, Mercedes-Benz, and Jacob & Co.
Ends
Also read: Binghatti’s US$500 mn sukuk issued with 8.125% profit on LSE
