PHOTO
Binghatti Holding, a UAE property development company, will debut its US dollar sukuk in the “coming days,” subject to market conditions.
The debut US dollar sukuk issuance, anticipated to be of benchmark size, is intended to have a three-year maturity and will support the company’s plans to diversify its funding base, a release stated.
Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC, Mashreq, Sharjah Islamic Bank, and RAKBANK have been appointed as Joint Lead Managers and bookrunners on the contemplated inaugural debt capital markets transaction.
Fitch Ratings recently assigned Binghatti Holding a B+ credit rating, with a positive outlook.
Binghatti 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.
The company further stated its developments in the mainstream and luxury segments amount to an additional value of AED7.6 billion.
In an interview with Zawya Projects last month, CEO Muhammed BinGhatti spoke about the company’s plans to develop more branded residences in Dubai.
“Over the past three months we already deployed more than AED1 billion in plot acquisitions across Dubai in different areas like Business Bay, Jumeirah Village Circle,” the CEO said, adding: “We have a pipeline of AED10 billion worth of additional projects to our existing investment portfolio which is AED20 billion. Thus, we intend over the next 12 months to increase our investment value in the real estate market to AED30 billion.”
(Writing by Bindu Rai, editing by Seban Scaria)
