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Binghatti, Dubai Luxury Developer, Unveils Inaugural US Dollar Sukuk

 

Binghatti, a prominent Dubai-based developer, has officially announced its intentions to enter the debt markets by issuing its inaugural US dollar-denominated sukuk in the upcoming days. This strategic move aims to diversify the company's funding sources as it embarks on three ambitious projects in Dubai, including the construction of the world's tallest residential-only tower.

The planned sukuk issuance, with a 3-year maturity and expected to be of benchmark size, is a significant step for Binghatti in broadening its capital-raising avenues while adhering to the principles of Sharia-compliant finance. The developer has enlisted the expertise of joint lead managers and bookrunners, including Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC, Mashreq, Sharjah Islamic Bank, and RAKBank, for the anticipated debt transaction.

Having recently concluded a successful non-deal roadshow, Binghatti engaged with fixed income investors in Hong Kong and London, paving the way for its debut sukuk issuance. Fitch Ratings has assigned Binghatti Holding a B+ credit rating with a positive outlook, reflecting confidence in the company's financial standing.

Binghatti Holding boasts a diverse portfolio, featuring projects associated with renowned brands such as Bugatti, Mercedes-Benz, and Jacob & Co. These branded developments collectively account for a total project value of approximately Dh16 billion, showcasing the developer's commitment to luxury and innovation. Additionally, Binghatti's other projects, valued at around Dh7.6 billion, contribute to the overall robustness of its real estate ventures in the region.

 

Photo: Gulf News

Feb. 20, 2024 4:25 p.m. 2783

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