Dubai-based property developer Binghatti Holding is seeking to raise $500 million through the issuance of Sharia-compliant bonds to diversify its funding sources.
In a statement released on Tuesday, the company announced its plans for this “significant financial milestone” in the upcoming days, subject to market conditions.
Binghatti’s debut sukuk offering, denominated in US dollars and spanning three years, will be of benchmark size, typically indicating a bond sale exceeding $500 million.
“This endeavor underscores the company’s dedication to exploring innovative avenues for capital raising while adhering to Sharia-compliant finance principles,” the statement emphasized.
Amid a growing trend, corporate entities, financial sector issuers, and government-related entities in the UAE are increasingly turning to the debt capital market to expand their funding bases.
