UAE Developer Binghatti’s $500M Sukuk Sees High Demand
Binghatti Holding, a real estate developer based in the UAE, has raised $500 million by selling sukuk (Islamic bonds). This is the company’s first sukuk under a $1.5 billion program, and it was five times oversubscribed — meaning investors wanted to buy more than five times the amount offered.
Strong Investor Interest
The sukuk attracted strong interest from both regional and global investors, with total orders exceeding $2.5 billion. The sukuk was priced with a profit rate of 8.1%, lower than the initial estimate of around 8.5%, thanks to high demand. It will be listed on Nasdaq Dubai and the London Stock Exchange.
Strong Half-Year Results
In the first half of 2025, Binghatti made a net profit of $490.1 million (AED 1.8 billion), more than triple what it earned in the same period last year. Revenues jumped 189% to $1.7 billion (AED 6.3 billion), and total sales hit $2.4 billion (AED 8.8 billion). The company launched seven new projects and handed over five, completing 15 projects in the past 18 months.
Binghatti has a revenue backlog of $3.4 billion (AED 12.5 billion) and is working on projects worth over $19 billion (AED 70 billion).
Fitch Rating Upgrade
In March, Fitch Ratings upgraded Binghatti’s credit rating from B+ to BB-, with a stable outlook. The rating agency said the upgrade was due to Binghatti’s strong business performance and strong demand for its residential projects. Luxury developments are attracting global buyers, helping the company maintain good cash flow and fund new projects.
Published: 2nd August 2025
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