Nasdaq Dubai welcomes Binghatti Holding’s inaugural $300 million sukuk listing

Nasdaq Dubai welcomed the inaugural Sukuk listing by Binghatti Holding, a leading Dubai-based real estate developer on the region’s esteemed international financial exchange.

The first issuance, valued at $300 million, emphasizes the fundamental role of Sukuk financing within the regional financial landscape.

The list gets even better Nasdaq Dubai position as a premier venue, reinforcing its role in facilitating innovative financial instruments, contributing to the expanding portfolio of publicly traded debt securities.

The issue is especially important to diversify financing options for the real estate sector. Binghatti’s The Sukuk listing sets a new standard as MENA’s first USD-denominated real estate benchmark Sukuk in 2024, paving the way for future issuances and solidifying the region’s prominence in the global Islamic finance space. Notably, Fitch Ratings recently awarded Binghatti Holding a B+ credit rating with a positive outlook, underscoring the company’s financial strength and market confidence.

With a coupon rate of 9.625 percent and maturing in 2027, the listing reflects the company’s strategic financial planning and its commitment to offering attractive investment opportunities. The Sukuk issuance was more than double oversubscribed and competitively priced, with a 30 basis point adjustment as a result of investor demand based on Binghatti’s attractive roadshows for investors. This listing was the MENA region’s first real estate Sukuk issuance in 2024.

To commemorate the listing, Muhammad BinGhatti, CEO of Binghatti Holding, joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai, in the presence of a list of supporting banks.

Commenting on this, Muhammad BinGhatti, CEO of Binghatti Holdingsaying,

“This milestone reflects our strategic vision and unwavering dedication to driving growth and excellence in the region’s financial landscape. Our successful Sukuk listing is a testament to the unwavering trust placed in Binghatti by investors and financial institutions. It underlines our commitment to transparency, reliability, and delivering value, further solidifying our position as a trusted partner in the financial field.”

Hamed Ali, CEO of Nasdaq Dubai and DFMaggregate,

“This listing of Binghatti Holding not only represents our continued efforts to position Dubai as a global hub for Sukuk financing, but also reinforces our strong commitment to offering financial solutions to businesses in the region. The growing interest in the Islamic financial market is a testament to the robust and evolving financial ecosystem offered through Nasdaq Dubai.”

Drive a total debt issuance value of $131 billion, comprising $43 billion in bond listings and $88 billion in Sukuk issuances. Nasdaq Dubai continues to consolidate its position as a leading exchange for fixed income quotes and a prominent destination for debt issuance.

News source: Emirates News Agency