Binghatti’s USD 500 Million Sukuk Sees Heavy Demand, Oversubscribed Five Times

• Profit rate on Regulation S Sukuk set at 8.125%
• Part of Binghatti’s broader USD 1.5 billion sukuk programme
• Half of investor demand came from international markets, spurred by strong H1 results

Binghatti Holding Ltd (“Binghatti Holding”), a leading property developer in the UAE, has completed the successful pricing of a USD 500 million Senior Unsecured Sukuk, issued for a 5-year period under its USD 1.5 billion Trust Certificate Issuance Programme. The offering drew demand five times greater than the issue size.

The Regulation S Sukuk drew interest from a wide array of investors across the region and globally, amassing over USD 2.5 billion in orders. It was priced with a profit rate of 8.125%, representing a 418 basis point spread above the 5-year US Treasury yield. Demand significantly exceeded expectations, allowing pricing to tighten from the initial 8.500% guidance. The strong response reflects investor confidence in Binghatti’s credit profile, strategic growth plan, and solid financial footing. Moody’s and Fitch have rated the company at Ba3 and BB- respectively, both with stable outlooks.

The Sukuk will be listed on both Nasdaq Dubai and London Stock Exchange.

Muhammad BinGhatti, Chairman of Binghatti Holding, commented: “Binghatti’s landmark sukuk marks a pivotal milestone in our journey, reinforcing our position as one of the region’s most dynamic and diversified developers. The strong demand and investor trust shown in the USD 500 million issue from our sukuk programme highlights Binghatti’s unique model, a vertically integrated platform underpinned by phenomenal growth and market leading execution.”

Ahmed Abdelaal, Mashreq Group Chief Executive Officer,  said: “We are proud to have played a pivotal role in Binghatti’s return to the sukuk market, having supported their journey since their inaugural issuance last year. The exceptional investor response—both regional and international—underscores the strong appetite for the Dubai growth story and confidence in Binghatti’s trajectory. This landmark issuance not only affirms their access to global capital markets but also establishes a new 5-year benchmark for the sector. Mashreq continues to lead in advising regional corporates on accessing international capital markets from inception. Our partnership with Binghatti reflects the trust placed in our expertise and capabilities.”

Binghatti Holding’s H1 2025 net profit more than tripled  to AED 1.82 billion, driven by resilient demand for Dubai real estate. The Group’s total sales reached AED 8.8 billion, with revenue climbing 189% YoY to AED 6.3 billion.

The Group launched seven new projects and delivered five developments in H1 alone, handing over 15 projects in the last 18 months. Its AED 12.5 billion revenue backlog and over AED 70 billion development portfolio positions it as one of Dubai’s leading developers. Binghatti currently has ca. 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.

The company’s development pipeline was further reinforced by the recent acquisition of ca. 9 million sq. ft. megaplot in Nad Al Sheba 1, which will host Binghatti’s first master-planned community, with a projected development value of over AED 25 billion.