Latest news with #NasdaqDubai
Zawya
2 hours ago
- Business
- Zawya
Binghatti Holding's USD500mln benchmark Sukuk 5 times oversubscribed
USD 500 million sukuk issued under its USD 1.5 billion programme Half of the sukuk orders came from international investors following strong H1 financial results Dubai, UAE - Binghatti Holding Ltd ('Binghatti Holding'), one of the UAE's fastest growing real estate developers, has successfully priced a USD 500 million 5-year Senior Unsecured Sukuk under its USD 1.5 billion Trust Certificate Issuance Programme, a transaction that was oversubscribed by 5 times. The Regulation S Sukuk issuance attracted strong regional and international investor demand, with an order book exceeding USD 2.5 billion. The sukuk was priced with a profit rate of 8.125%, equivalent to a spread of 418 basis points over the prevailing 5-year US Treasury yield, and given the strong levels of demand the issuance saw significant tightening from its initial guidance of 8.500% area. The robust orderbook reflects broad market confidence in Binghatti's credit fundamentals, brand strength, and long-term strategy. The company is rated Ba3 by Moody's and BB- by Fitch, both with stable outlook. The Sukuk will be listed on both Nasdaq Dubai and London Stock Exchange. Muhammad BinGhatti, Chairman of Binghatti Holding, commented: 'Binghatti's landmark sukuk marks a pivotal milestone in our journey, reinforcing our position as one of the region's most dynamic and diversified developers. The strong demand and investor trust shown in the USD 500 million issue from our sukuk programme highlights Binghatti's unique model, a vertically integrated platform underpinned by phenomenal growth and market leading execution.' Ahmed Abdelaal, Mashreq Group Chief Executive Officer, said: "We are proud to have played a pivotal role in Binghatti's return to the sukuk market, having supported their journey since their inaugural issuance last year. The exceptional investor response—both regional and international—underscores the strong appetite for the Dubai growth story and confidence in Binghatti's trajectory. This landmark issuance not only affirms their access to global capital markets but also establishes a new 5-year benchmark for the sector. Mashreq continues to lead in advising regional corporates on accessing international capital markets from inception. Our partnership with Binghatti reflects the trust placed in our expertise and capabilities.' Binghatti Holding's H1 2025 net profit more than tripled to AED 1.82 billion, driven by resilient demand for Dubai real estate. The Group's total sales reached AED 8.8 billion, with revenue climbing 189% YoY to AED 6.3 billion. The Group launched seven new projects and delivered five developments in H1 alone, handing over 15 projects in the last 18 months. Its AED 12.5 billion revenue backlog and over AED 70 billion development portfolio positions it as one of Dubai's leading developers. Binghatti currently has ca. 20,000 units under development across 30 projects in prime Dubai locations including Downtown, Business Bay, Jumeirah Village Circle, and Meydan as well as its flagship branded residences in collaboration with luxury partners Bugatti, Mercedes-Benz and Jacob & Co. The company's development pipeline was further reinforced by the recent acquisition of ca. 9 million sq. ft. megaplot in Nad Al Sheba 1, which will host Binghatti's first master-planned community, with a projected development value of over AED 25 billion. About Binghatti Holding Ltd.: Binghatti Holding Ltd. is a renowned Emirati brand in the real estate development sector, holding a leading position with a portfolio exceeding 80 projects valued at over AED 70 billion. Binghatti Holding is led by Chairman Muhammad BinGhatti, whose innovative vision aims to deliver luxurious projects that reflect refined artistic taste and high standards in design and quality. Binghatti Holding has successfully delivered nearly 12,000 residential since inception, achieving remarkable milestones in collaboration with global brands such as Bugatti, Mercedes-Benz, and Jacob & Co. Binghatti Holding continues to expand its real estate portfolio to meet the growing market demands, focusing on delivering residential projects that elevate the level of luxury in Dubai.
Yemen Online
3 days ago
- Business
- Yemen Online
SNG: Orascom Construction's board greenlights transferring primary listing to ADX
Orascom Construction PLC has announced that its board of directors has approved a strategic move to transfer the company's primary share listing from Nasdaq Dubai to the Abu Dhabi Securities Exchange (ADX). The company will retain its secondary listing on the Egyptian Exchange (EGX), reinforcing its dual-market presence. Key Developments: - The transfer is subject to shareholder approval and completion of regulatory procedures. - Orascom will relocate its legal headquarters from the Dubai International Financial Centre (DIFC) to the Abu Dhabi Global Market (ADGM). - An Extraordinary General Meeting (EGM) is scheduled for August 12, 2025, to finalize the transition. Financial Snapshot: - In Q1 2025, Orascom reported net profits of $27.1 million, down from $49.8 million in the same period last year, due to project delays and arbitration losses. - Revenue rose 10.6% year-on-year to $847.6 million, signaling operational resilience despite challenges. Orascom plans to scale back its Egypt-based projects to one-third of its portfolio by 2026, focusing on mega projects in the UAE and Saudi Arabia. Notably, the company secured a $2.6 billion EPC contract to expand the Qurayyah Independent Power Plant in Saudi Arabia. This move underscores Orascom's commitment to deepening its footprint in the Gulf's dynamic capital markets and aligning with investor demand across the region.
Gulf Today
3 days ago
- Business
- Gulf Today
Arada completes issuance of $450 million Sukuk
Arada Developments, rated B1 by Moody's and B+ by Fitch, has successfully completed the issuance of a $450 million Sukuk, which has been listed on the London Stock Exchange and the Nasdaq Dubai. The five-year fixed rate RegS Sukuk issuance, rated BB- by Fitch and B1 by Moody's, was priced with a coupon of 7.150 per cent, tightening 47.5bps- 60bps from the initial price guidance of 7.625 per cent-7.750 per cent for a spread of 317 bps over US Treasuries, for the tightest reoffer yield ever achieved by Arada. The proceeds of the issuance will be used for a tender offer of up to US$100 million on Arada's existing Sukuk maturing 2027, with the balance for general corporate purposes. The Sukuk issuance saw strong demand from both regional and international investors with a subscription order book peaking above $2 billion (excluding Joint Lead Managers), equivalent to over four times the offer size. Prince Khaled Bin Alwaleed Bin Talal, Executive Vice Chairman of Arada, said, "Our latest successful return to the global markets reflects once again the trust being placed by regional and international investors in Arada's track record, robust financial position and growth prospects. This issuance serves as a platform of our next phase of growth as we continue target growth opportunities both at home in the UAE and abroad.' Investor interest for the Sukuk was diversified geographically, coming from Europe, the Middle East and Asia. The investors for this issuance include banks, private banks, asset and fund managers, and hedge funds. The Joint Global Coordinators for the Sukuk were Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank, while Arab Bank, Arqaam Capital, Bank ABC, RAK Bank, Sharjah Islamic Bank and Warba Bank acted as Joint Lead Managers and Bookrunners. Since its launch in 2017, Arada has launched nine successful projects in both Sharjah and Dubai, and has a pipeline of existing and future projects in the UAE and Australia valued at over DhsD90 billion. In total, Arada has sold over 17,000 units since inception, valued at over Dhs29 billion, with over 10,000 units completed. WAM
Khaleej Times
3 days ago
- Business
- Khaleej Times
Arada returns to debt markets with successful closure of $450 million sukuk
Arada Developments, rated B1 by Moody's and B+ by Fitch, has successfully completed the issuance of a $450 million sukuk, which has been listed on the London Stock Exchange and the Nasdaq Dubai. The five-year fixed rate RegS Sukuk issuance, rated BB- by Fitch and B1 by Moody's, was priced with a coupon of 7.150%, tightening 47.5bps- 60bps from the initial price guidance of 7.625%-7.750% for a spread of 317 bps over US Treasuries, for the tightest reoffer yield ever achieved by Arada. The proceeds of the issuance will be used for a tender offer of up to $100 million on Arada's existing sukuk maturing 2027, with the balance for general corporate purposes. The sukuk issuance saw strong demand from both regional and international investors with a subscription order book peaking above $2 billion (excluding joint lead managers), equivalent to over four times the offer size. Prince Khaled bin Alwaleed bin Talal, Executive Vice Chairman of Arada, said: 'Our latest successful return to the global markets reflects once again the trust being placed by regional and international investors in Arada's track record, robust financial position and growth prospects. This issuance serves as a platform of our next phase of growth as we continue target growth opportunities both at home in the UAE and abroad.' Investor interest for the sukuk was diversified geographically, coming from Europe, the Middle East and Asia. The investors for this issuance include banks, private banks, asset and fund managers, and hedge funds. The joint global coordinators for the sukuk were Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank, while Arab Bank, Arqaam Capital, Bank ABC, RAK Bank, Sharjah Islamic Bank and Warba Bank acted as Joint Lead Managers and Bookrunners. Since its launch in 2017, Arada has launched nine successful projects in both Sharjah and Dubai, and has a pipeline of existing and future projects in the UAE and Australia valued at over Dh90 billion. In total, Arada has sold over 17,000 units since inception, valued at over Dh29 billion, with over 10,000 units completed.
Zawya
3 days ago
- Business
- Zawya
UAE and Saudi Arabia cement Gulf's dominance in Global ESG sukuk market in H1
Gulf nations dominated global environmental, social, and governance (ESG) sukuk activity in the first half of 2025, accounting for over 50% of total issuances, according to a new report by Fitch Ratings. Saudi Arabia and the UAE were the primary drivers of this growth. Globally, outstanding ESG sukuk rose more than 12% year-on-year to reach the equivalent of $50 billion in the first six months of 2025, the rating agency said. Nasdaq Dubai emerged as a key hub for US dollar-denominated ESG sukuk listings, alongside European exchanges such as Frankfurt, London, and Stuttgart. The issuer base increased in the second quarter of 2025, with UAE-headquartered Omniyat Holdings issuing the first green sukuk, rated 'BB-'. The period also saw Saudi Arabia issuing new guidelines for green, social, and sustainability-linked debt instruments. Fitch expects ESG sukuk issuance to moderate in the third quarter of 2025 due to seasonal summer trends in key markets, before rebounding in the last quarter of the year. The global ESG sukuk is likely to surpass $60 billion outstanding by the end of 2026. However, geopolitical risks, evolving Sharia requirements, oil price volatility, and greenwashing concerns are likely to slow ESG sukuk issuance, the report said. Fitch rates about three quarters of the global dollar ESG sukuk market, almost all of which is senior unsecured, and about 1% subordinated.
