2024-02-26 05:28:30
Binghatti Development, the leading real estate company in Dubai and one of the most vibrant and popular real estate development companies in the United Arab Emirates, announced the launch of its first US dollar sukuk, worth US$300 million, to mature within three years, in a move that opens a new chapter in its journey. Binghatti’s thriving economy. The sukuk recorded competitive prices of 9.625%, with a difference in prices that did not exceed 30 basis points, which confirms the strength of demand and the high investor confidence in the company.
This deal received widespread demand from regional and international investors, as the order book reached its peak when it was oversubscribed by approximately 2.1 times the offering rate.
The value of subscription requests recorded in the book reached more than US$600 million, reaching a peak of US$621 million, which confirms the strong demand for the Binghatti Sukuk offering. In preparation for the issuance, the company previously held investor meetings on international roadshows in Asia and the United Kingdom.
The company’s sukuk attracted a diverse investor base, with subscribers from the United Kingdom, Europe and Asia representing a large proportion of registered applications, in a deal that represents the first issuance of standard US dollar sukuk within the real estate sector in the Middle East and North Africa region for the year 2024.
Binghatti selected a group of local banks, including Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC, Sharjah Islamic Bank, Mashreq Bank, and Ras Al Khaimah National Bank, to assume the responsibilities of managing potential clients and the underwriting process during Deal.
Commenting on this issue, Mohammed BinGhatti, CEO of Binghatti Holding, said: “We are pleased to witness the resounding success achieved by our first Sukuk upon its issuance, which reflects investors’ confidence in the Binghatti Group. These positive feedback and achieved results reveal the strength of our business model and the attractiveness of our investment offers that meet investors’ aspirations.”
The great demand for the deal confirms the brilliant success achieved by Binghatti Group’s first distinguished sukuk, and also reflects the company’s distinguished reputation in this sector.
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