Binghatti Taps London Sukuk Market with US$ 300 Million Bond

Dubai-based developer Binghatti is celebrating the launch of a heavily oversubscribed US dollar denominated real estate benchmark Sukuk (Sharia-compliant bond) issuance on the London Stock Exchange.

Priced at 9.625%, the three-year Sukuk achieved 2.1 times its subscription level of US$ 300 million.

The issuance attracting global interest after the company delivered investor presentations in Asia and the United Kingdom.

Binghatti CEO, Muhammad BinGhatti, comments: “We are pleased with the success of our debut Sukuk issuance, which reflects the trust and confidence investors have placed in Binghatti. This response highlights the strength of our business model and the attractiveness of our investment proposition.”

A consortium of UAE banks including Emirates NBD, Dubai Islamic Bank, HSBC, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Mashreq Bank, and RAKBank acted as joint lead managers (JLMs) and bookrunners.

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