Binghatti Holding Readies Inaugural US Dollar Sukuk Launch

Binghatti Holding, a prominent Emirati property development company headquartered in Dubai, is on the verge of a significant financial milestone with the impending launch of its inaugural US Dollar Sukuk. With the legal team spearheaded by Hibah Binghatti (pictured), Chief Legal Officer at Binghatti, the company is poised to diversify its funding base through this strategic move. 

The anticipated sukuk issuance, subject to market conditions, is expected to be of benchmark size with a three-year maturity. This initiative underscores Binghatti’s commitment to exploring innovative avenues for capital raising while adhering to the principles of Sharia-compliant finance. 

Joint Lead Managers and bookrunners for this landmark transaction include Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC, Mashreq, Sharjah Islamic Bank, and RAKBANK. The selection of these prestigious institutions further emphasizes the strategic importance of this endeavor. 

Binghatti Holding recently concluded a successful non-deal roadshow, engaging with fixed-income investors in Hong Kong and London, garnering positive feedback and interest in the upcoming sukuk issuance. Additionally, Fitch Ratings has assigned Binghatti Holding a B+ credit rating with a positive outlook, reflecting the company’s strong financial standing and market reputation. 

The debut sukuk issuance marks a pivotal moment for Binghatti Holding as it enters a new phase of growth fueled by strategic investments. With a diverse project portfolio valued at over AED 23.6 billion, including branded uber-luxury developments in collaboration with global luxury brands such as Bugatti, Mercedes-Benz, and Jacob & Co., Binghatti is poised to make a lasting impact in the real estate industry. 

As the company prepares to embark on this groundbreaking venture, the leadership team remains enthusiastic about the future prospects and the value it aims to deliver to stakeholders through this transformative initiative.