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Property developer Binghatti Holding’s $300mln sukuk lists on Nasdaq Dubai

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  • Fitch Ratings recently awarded Binghatti Holding a B+ credit rating with a positive outlook

UAE real estate developer Binghatti Holding has listed its inaugural $300 million sukuk on Nasdaq Dubai.

Binghatti’s listing is the first real estate benchmark US dollar-denominated sukuk from MENA in 2024.

With a coupon rate of 9.625% and maturing in 2027, the sukuk issuance was over two times over-subscribed and priced with a 30 basis points tightening resulting from investor demand, a release stated.

Fitch Ratings recently awarded Binghatti Holding a B+ credit rating with a positive outlook.

The company recently announced its third luxury branded residences project with Mercedes-Benz, following up on previous collaborations with Bugatti and Jacob & Co., with a total project value of 16 billion UAE dirhams.

(Writing by Bindu Rai, editing by Seban Scaria)

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© ZAWYA 2024


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