Dubai-based developer Binghatti Holding on Thursday listed its debut $500 million inexperienced sukuk on Nasdaq Dubai, following sturdy investor demand for the corporate’s first environmental, social and governance (ESG)-linked issuance.
The sukuk, which matures in 2029, was oversubscribed 4.3 occasions, attracting greater than $2.1 billion in orders from regional and worldwide traders, Binghatti mentioned in an announcement. The instrument was priced at a revenue fee of seven.75 per cent, tightening from preliminary steering of 8.125 per cent.
Proceeds will finance a portfolio of certified inexperienced initiatives underneath Binghatti’s sustainability framework, supporting the UAE’s Net Zero 2050 targets and Dubai’s sustainable finance technique. The sukuk was issued underneath the corporate’s $1.5 billion Belief Certificates Issuance Programme.
“Our debut Inexperienced Sukuk marks a major milestone in Binghatti’s journey towards sustainable and accountable progress,” mentioned Katralnada Binghatti, chief government of Binghatti Holding.
“The sturdy oversubscription is a transparent affirmation of investor confidence in our mannequin and imaginative and prescient. This success reinforces our dedication to advancing environmentally acutely aware growth and contributing to the UAE’s Internet Zero 2050 targets.”
Hamed Ali, CEO of Nasdaq Dubai and Dubai Monetary Market (DFM), mentioned the transaction displays rising investor urge for food for ESG-focused devices.
“Listings of this calibre exhibit Nasdaq Dubai’s capacity to attach main UAE issuers with worldwide traders, diversify funding alternatives, and advance the UAE’s sustainable finance ambitions by way of a clear and trusted market,” he mentioned.
With this itemizing, Binghatti’s complete sukuk worth listed on Nasdaq Dubai has reached $1.5 billion, whereas complete excellent debt listings on the change now exceed $141 billion, underscoring Dubai’s place as a number one hub for Islamic and sustainable finance.
Based in 2008, Binghatti Holding is a Dubai-based property developer with a portfolio valued at over AED80 billion throughout greater than 80 initiatives.
