Dubai-based ultra-luxury real estate developer OMNIYAT has raised $500 million through its first green sukuk, marking the company’s entry into the international debt capital markets and advancing its sustainability agenda.
The three-year Islamic bond, which will be listed on Nasdaq Dubai and the London Stock Exchange’s International Securities Market, attracted strong demand, with the order book oversubscribed 3.6 times and total bids reaching $1.8 billion.
Proceeds will be allocated under OMNIYAT’s Green Financing Framework to support environmentally sustainable development projects. The framework aligns with the International Capital Market Association’s Green Bond Principles (2021), ensuring transparency and adherence to global standards.
“Our debut… underscores our commitment to sustainability, prudent capital management, and delivering long-term value to our stakeholders. The overwhelming investor interest validates confidence in our strategy, brand strength, and the fundamentals of the Dubai ultra-luxury real estate market. We are deeply grateful to our banking partners for their instrumental role in delivering such a successful outcome, said Founder and Executive Chairman Mahdi Amjad.
“As we look to the future, sustainability sits at the core of our development philosophy. This green financing instrument aligns with this vision by supporting high-performance, environmentally efficient projects across our portfolio.”
The issuance follows OMNIYAT’s recent credit ratings of ‘BB-’ with a stable outlook from both S&P Global and Fitch Ratings. The company is known for high-end developments in Dubai’s prime locations, including Palm Jumeirah and Business Bay.
Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, J.P. Morgan, Mashreq and Standard Chartered acted as joint global coordinators. They were joined by nine other banks as joint lead managers and bookrunners.
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