Dentons Guides Joint Lead Managers in Binghatti’s Sukuk Debut

Global law firm, Dentons provided legal counsel to the joint lead managers in Binghatti Holding Limited’s debut issuance of US$300 million trust certificates due 2027. The transaction, completed on February 29, 2024, involved Binghatti Sukuk Limited as the special purpose vehicle issuer incorporated in the Dubai International Financial Centre.  

The issuance, rated B+ by Fitch, was traded on the London Stock Exchange’s International Securities Market and Nasdaq Dubai, targeting sophisticated investors outside the US under Regulation S of the US Securities Act of 1933. This marked Binghatti’s first venture into international debt capital markets and the MENA region’s first real estate sukuk issuance in 2024. 

Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented: ” UAE real estate sector issuers continue to successfully access international capital markets, which is testament to the strength and depth of the markets and of this specific industry. We are also witnessing the continuous evolution of principles and drafting techniques associated with the Shariah structures we are putting in place for these transactions, particularly Ijara structures, which requires close engagement and collaboration with the Shariah teams and the scholars throughout”. 

The Dentons team was led by partner Alex Roussos (pictured), with assistance from senior legal consultant Katie Phillips, senior associates Sana Siddiqui and Brian O’Leary, and paralegals Joseph Hunt and Jasim Alzaabi

Global law firm Clifford Chance has provided legal counsel to Binghatti Holding Limited (“Binghatti”) on the issuance. For further details click here